Biotechs flat following SCOTUS decision

Biotech stocks were generally flat on Thursday after the U.S. Supreme Court rejected a challenge to the federal government's authority to provide subsidies to individuals who buy health insurance from the federal government in states that do not have their own insurance exchanges. The decision in King v. Burwell upheld a key provision of the Affordable Care Act.

The NASDAQ Biotechnology Index (NBI) dipped 15.89 to 3,933.75, while the NYSE Arca Biotechnology Index (BTK) shed 16.18 to 4,246.55 and the iShares NASDAQ Biotechnology Index ETC (NASDAQ:IBB) fell 1.75 to 375.84. The losses were in line with broader indices, as the Dow Jones Industrial Average dropped 75.71 to 17,890.36 and the NASDAQ lost 10.22 to 5,112.19. ...