Biotech stocks declined yet again in the week ending May 6, dragged lower by macroeconomic concerns following the Federal Reserve's 50-basis-point rate hike. The iShares Biotechnology ETF (NASDAQ:IBB), considered a proxy for the sector, shed close to 3 percent during the week.
Penny stock and digital therapeutics company Better Therapeutics, Inc. (NASDAQ:BTTX) more than doubled despite a lack of any meaningful catalysts. On the other hand, Connect Biopharma Holdings Limited (NASDAQ:CNTB) lost more than half its market value after its investigational asset that is being evaluated for ulcerative colitis flunked a mid-stage trial.
