Biotech has really saved my arse this year, especially with energy falling out in the past couple of months - Gilead, InterMune, Isis Pharma, Cubist Pharma, Medivation, LaJolla, etc. And trading the ebola drug makers in the last couple of months - Tekmira, NewLink, Sarepta.
I have long owned a fair amount of Gilead, which is a very fundamentally sound company. But most others I tend to buy lightly (buy the rumor, "sell the news", etc) with puts for protection, or perhaps just buy puts AND calls with no actual stock position. Usually long range. They almost always move substantially either up or down on news on clinicals, FDA decisions, M&A, etc. Cubist just got a bid the other day, and I sold after owning it since 11/13.