Biotech Fund On Track For Worst Single-day Drop In 4 Years

By MarketWatch Pulse

A brutal stretch for the biotech industry got worse Monday, with carnage spilling over into a second week. The session's slide in biotech puts exchange-traded fund (ETF) the iShares Nasdaq Biotechnology ETF on track for its worst single-day loss in more than four years. The biotecch ETF, which posted its worst weekly loss in seven years, is facing a 6%% single-session decline, which would mark its worst tumble since August 2011, when the IBB dipped 6.2%. Last week the biotech sector suffered a more than 13% drop as presidential hopeful Hillary Clinton criticized drug prices in the sector and laid out a plan to curb costs. The biotech industry has been one of the highest-flying sectors during the stock market's bull run, and as a result has been the target of bubble calls by industry watchers and analysts.

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