Biotechnology Stocks Dragged Down by Celgene's Earnings: Chart

(Bloomberg) -- Th second-half biotechnology stock rally that lifted the Nasdaq Biotech Index to the highest level in almost two years was stopped in its tracks this week as giants Biogen Inc. and Celgene Corp. whiffed on earnings. The third-quarter earnings season had been viewed by many analysts as the next key catalyst to validate the group’s recent climb and is likely to leave investors wondering what’s next. The NBI is down for a seventh straight session, on track for its longest losing streak since June 2016.

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