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After leading the market for most of 2015, biotech stocks have not participated in the latest rally, a negative omen for the group, according to chart analysts.
In the past three months, the S&P health-care sector plunged 11 percent, posting the worst performance among the major S&P groups. The brunt of the losses has been centered on biotech names such as Biogen (BIIB), which is down 35 percent.
As the health-care sector and biotech in particular struggle to recover, many Wall Street firms are now advising clients to use any bounces to take money off the table.
[“source -cncb”]
