After a promising start to 2014, biotechnology stocks are taking a tumble. The NASDAQ Biotechnology Index (NBI), an amalgam of 121 biotechnology and pharmaceutical companies, has fallen by 21% since its peak on 25 February. The broader NASDAQ Composite Index fell by 6% over the same period. The NBI fall has befuddled analysts, and spurred fears that a biotechnology bubble is bursting (see Nature 500, 513; 2013). But it may simply be a correction to an especially sharp rise that began in January.
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