Biotech stocks down amid more bad news

Biotech indices posted steep losses on Tuesday, wiping out most of the gains from a short rally late last week and prolonging an extended slump for the sector.

Decliners outnumbered gainers by 90 to 10 among BioCentury 100 companies. Among the biggest decliners was sequencing company Illumina Inc. (NASDAQ:ILMN), which slipped $17.36 (11%) to $145.81 after missing 3Q15 sales estimates and cutting 4Q15 guidance (see below). ...