Biotech Stocks See Major Selling Pressure
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Traders are paying close attention to today's selling pressure in biotech, which comes despite a bullish analyst call on group leader Biogen (NASDAQ: BIIB). Biotech stocks, as represented by iShares Nasdaq Biotechnology (NYSE: IBB), are down 2.9% currently. Biogen, after trading up 4% earlier, is down 1%.
Biotech has been a leading sector, so the sell-off is concerning for momentum investors.
Biotech has been a leading sector, so the sell-off is concerning for momentum investors.
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