Very high and improving net profit margins keep us overweight on Biotech, though slower sales growth is a watchout. High margins for Biotech are not only attracting the attention of investors, but also the attention of Donald Trump, who may sign an executive order attempting to curb drug price increases. If relative strength breaks below the May 2017 low, we will have to conclude that Biotech's major correction that started in July 2015 is not yet over, and downgrade the industry.
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