Biotech bummer

Biotechnology: already known for some breakthrough therapies, it may prove to be one of the most exciting businesses in the 21st century. Its promise: medicines that could improve and save millions of lives. So far this year, biotech stocks with names like Biogen Idec, Celgene, Gilead Sciences and Amgen have been among the market leaders, especially on the Nasdaq. But, for the past two days, they’ve gotten whacked. They were down sharply on Friday, partly in response to reports an influential congressman has questioned one company’s drug pricing. They tumbled again today. The Nasdaq biotech index fell three percent just today. That had a big impact on the markets overall, which were able to close well off the lows of the session.

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