five-year bull run in biotech has made scientists into millionaires, booked bonuses for bankers, and put venture capitalists into increasingly fancy cars. But in an industry prone to booms and busts, insiders with long memories aren’t getting too comfortable.

“I’m seeing a lot of investors making a lot of assumptions that may be accurate, but these assumptions are now becoming the consensus, and if anything goes wrong, there’s a long way down,” said Josh Schimmer, a biotech analyst at Evercore ISI.

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