None shall pass

Biotech recorded its worst quarter in about 14 years, and no market cap bands were spared from the carnage. Big caps, normally a safe haven during turbulent markets, shed 16.1% and had only three of 36 companies finish the quarter in the black.

Actelion Ltd. paced the field and finished 1Q16 up 3% with a market cap of $16.8 billion. The stock posted steady gains beginning in early February when Actelion reported 2015 product sales of CHF2.04 billion ($2.06 billion), crossing the CHF2 billion threshold for the first time...