Biotech Suffers Record Exit at Largest ETF Signaling Turn
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Investors pulled a record $372 million from the biggest biotechnology exchange traded fund in its worst day of redemptions ever.
The withdrawals from the iShares Nasdaq Biotechnology ETF on April 4 were the most since its 2001 inception, with 7.5 percent of the fund’s $4.98 billion in total assets leaving what is the biggest biotech-focused ETF, according to data compiled by Bloomberg. It follows a lengthy run-up in biotechnology industry stocks.