Market Commentator Zak Mir says similar to the dot com bubble, people have now become more fussy when it comes to small cap pharma stocks after the initial wave of interest which saw the tide push the majority of share prices higher.
''Now the trick is to try to work out who the leaders are in the pack - it may be the likes of Avacta (LON:AVCT), Novacyt (LON:NCYT), Omega Diagnostics (LON:ODX) - the cream is rising to the top'', he says.
''If you get it wrong you'll be 30-50% offside from the peaks ... but if you get it right the shares will hold most of their gains and you'll have a reasonable ride''.
''We still don't know on a fundamental basis who's going to win ... whether it'll be the antigen people, the antibody people, the PPE people .. treatment, cure, vaccine ... it's all up in the air''.
He says we're getting back to some a semblance of normality in the markets but at the same time many more people are joining the twitter party - new names, new traders - and says, like some are suggesting, people could be putting some of their furlough money into the market, sitting at home and clicking away.
''If you like small caps it's actually a very good time and a much more positive time than you would've anticipated''.