Biotechs suffer as wider sell-off mounts

Although biotech is still outperforming the broader markets this year, the performance gap has continued to narrow after another dismal trading day. On Monday, the BioCentury 100 finished the day down 318.16 (4.6%) to 6,539.68. The NYSE Arca Biotech Index posted a 5.2% decline, while the NASDAQ Biotechnology Index (NBI) was down 4.8%. The iShares NASDAQ Biotechnology Index (IBB) lost 4.4%. The NASDAQ Composite Index dropped 3.8%, and the Dow Jones Industrial Average fell 3.6%.

Since all the indices peaked on July 20, the BioCentury 100 is down 20%. The BTK has lost 19.3%; the NBI is off 18.6%; and the IBB is down 12.6%. The NASDAQ has fallen 9.8%, and the DJIA has declined 12.3%. ...