[klipt]

You're using "high interest rate" to mean "biotech has great returns right now".

Everyone else is using it to mean "the Federal Reserve has set the interest rate high right now"

Very different situations.

[thaumasiotes]

The difference between those two situations can't be determined by observing the level of interest rates. That's my whole point.

[lazide]

It absolutely can.

High fed rates means the ‘tide’ is different. For biotech to get more interest, it has to have a higher roi than comparable other risk investments.

High ROI != high interest rates.