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Flight From Risk Drives Biotech Stocks to Worst Start Since 2016

  • Worst start to a year since pricing politics of 2016 election
  • Interest-rate worries adding to other industry headwinds

Stocks from just about every corner of the health-care industry have been beaten back this month as investors retreat from risk. But few have been hit as hard as biotechnology. 

Even after Friday’s broader market rebound, the Nasdaq Biotechnology Index has fallen more than 14% in January.