From Bloodbath to Bio-Boom
by Jason Simpkins
Biotechs have suffered something of a bloodbath recently.
On the whole, biotech stocks are down 25% so far this year. That’s how much the iShares NASDAQ Biotech Index (NASDAQ: IBB) is down, anyway. The SPDR S&P Biotech ETF (NYSE: XBI), is faring even worse, down about 30%.
Year-to-date, Biogen (NASDAQ: BIIB) is down 14%, Celgene Corp. (NASDAQ: CELG) is down 16%, Gilead Sciences (NASDAQ: GILD) is down 18.5%, and BioMarin Pharm (NASDAQ: BMRN) is down roughly 24%.
This might be concerning… if biotech stocks had not just completed the greatest bull run in the history of the industry.