Biotech backs down in 2Q19

In a reversal from 1Q19, biotech stocks across all market cap tiers fell in the second quarter, leading to a total loss of $22.3 billion. However, the year-to-date change in market cap remains well in the black with a net gain of $160.7 billion.

Large cap companies valued at $10 billion or more represented the best performing tier of the quarter, losing a median of 1%, and $2.5 billion in market cap. ...