Biotech bears are mauling stocks as 2022 opens on a bleak note for investors
As the first month of 2022 draws to a close, one thing seems to be on everyone’s mind in the biopharma world: a burgeoning bear market.
While inflation and supply chain issues have sent the Dow Jones and S&P 500 tumbling — and the Nasdaq entering correction territory — in recent weeks, few sectors have been hit as hard as biotech. The Nasdaq biotechnology index and the XBI, two prominent barometers of public biotech performances, are down 15% and 20% since the start of the year, respectively, outpacing each of the three major US indices’ downswings as of Tuesday.
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