Biotech Stocks (IBB) Get Thrown Out with Bath Water

June 1, 2012 1:09 PM EDT
Biotech Companies sold off today amidst a broader market sell off. But the tumble may have more to do with Regeneron Pharmaceuticals, Inc.'s (NASDAQ: REGN) drug Eylea than the weaker than expected U.S. jobs number.

Regeneron shares tumbled nearly 9 percent on Friday after a survey by Cowen said Eylea was decelerating in terms of patient add-ons. Shares of Regen are up 140 percent so far this year.

Shares of Amgen Inc. (NASDAQ: AMGN) were also lower today, shedding 2.5 percent in what looks like a reaction to the jobs number and general risk aversion.

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