ARTICLE | Finance
Big cap bloodletting
Why investors slashed $53.1 billion in value from six biotech bellwethers
October 28, 2017 5:28 AM UTC
Performance of biotechs valued at over $10 billion was already dwindling throughout 2017 before a flood of disappointing earnings began to roll in for several of the largest companies.
In the days since Oct. 19, which kicked off the bloodletting with a clinical miss for Celgene Corp., investors have wiped away an aggregate of $53.2 billion in market cap for six large cap companies. The slide threatens to sour generalists -- who were reported to be tiptoeing back into biotech at the end of 3Q -- on the sector as a whole. ...