Biotech Stocks Pressured (BIIB) (CELG) (GILD)

Biotech stocks were soft Monday, with iShares Nasdaq Biotechnology (Nasdaq: IBB) shedding over 3.5%. Top holding in the ETF include popular names like Biogen (NASDAQ: BIIB), Amgen (NASDAQ: AMGN), Celgene (NASDAQ: CELG), Gilead Sciences (NASDAQ: GILD), Vertex Pharma (NASDAQ: VRTX) and Regeneron (NASDAQ: REGN).

There does not appear to be a clear explanation for today's decline, the largest since late March. March's decline was tied to fears about stretched multiples and a so-called 'biotech bubble.'

Sector laggards today include Celadon Group (NASDAQ: CLDN), which reported failed trial results this weekend, and Akorn, Inc. (Nasdaq: AKRX), which announced Friday it plans to restate results.

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