Biotech Stocks, Once Booming, Enter Bear Territory

The biotech stock index, which rose early in the pandemic on hopes for Covid-19 treatments, has fallen amid research failures, slowing M&A and rising interest rates

Scientists are using automation, real-time analysis and pooling data from around the world to rapidly identify and understand new coronavirus variants before the next one spreads widely. Photo Illustration: Sharon ShiBiotech companies are having one of their worst stock-market runs in years, as rising interest rates, scientific setbacks and a slowdown in big pharma buyouts batter the sector.

Biotech stocks began soaring in the spring of 2020 as individual investors and hedge funds flocked to the sector amid intense attention on the race to develop new vaccines and . The uptick in demand for biotech stocks helped fuel a historic boom in initial public offerings and venture-capital investment into 2021.

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