U.S. stocks are faltering to start August and those declines are pressuring the high-flying biotechnology group. Entering Friday, six of the top 10 non-leveraged exchange traded funds on a year-to-date basis, including the top four, were biotech funds.
That group includes the iShares Nasdaq Biotechnology ETF (NASDAQ: IBB) and the SPDR S&P Biotech ETF (NYSE: XBI), the largest and third-largest biotech ETFs, respectively. At time of writing, IBB is sitting on a weekly loss of about 5.4 percent. XBI, which equal-weights its holdings, thereby giving the fund increased exposure to more volatile smaller biotech names, is off almost 10 percent this week.
Thanks to a pair of new inverse, leveraged biotech ETFs, traders have additional avenues for profiting from biotech pullbacks. For the risk-tolerant trader, the Direxion Daily S&P Biotech Bear 3X ...
/www.benzinga.com/general/biotech/15/08/5748050/a-bad-week-for-biotech-was-great-for-this-etf alt=A Bad Week For Biotech Was Great For This ETF>Full story available on Benzinga.com
More...