Sustainable bull market or biotech bubble? What do you think?

Pro: The fundamentals about biotech are good. Big Pharma, bad if not woeful at innovation, will pay top dollar for promising new technologies. Biotech bubble? No way. And some of these upstart companies are headed to Genentech status. I'd call that sustainable.

Con: Can you believe these ridiculous market caps for new companies with no revenue and a bunch of high-risk pipeline projects? Get real. Everybody sharp enough to tie their own shoes knows--or ought to know--that this is a bubble. And when it pops, it's going to hurt. 

There's more--lots more--in the survey that we started at FierceBiotech yesterday. Well over 300 responses have been gathered so far, which is not a bad beginning for our first survey. My plan is to keep the voting and commenting open through the weekend, then gather the results Monday afternoon and report back on what readers think about the question of whether we're three years into a sustainable bull market or inside a bubble that's going to pop one of these fine days.

Register your opinion here. We want to hear from you. -- John Carroll (email | Twitter)