Exchange-traded funds that track the biotech sector fell on Wednesday, underperforming the broad market as Celgene tumbled. The iShares Nasdaq Biotechnology ETF fell 0.7% while the SPDR S&P Biotech ETF was down 0.6%. Among the biggest drags on the sector was Celgene Corp , which tumbled 8.3% in heavy trading after it said the Food and Drug Administration wouldn’t let it file for approval of its ozanimod drug for relapsing multiple sclerosis. Among other big drags on the sector, Depomed Inc. was down 11.7% while Acadia Pharmaceuticals Inc. shed 17%. Another drugmaker, Valeant Pharmaceuticals International Inc. , sank 11% after it reported fourth-quarter revenue that missed expectations and also gave a 2018 outlook that was below forecasts.
Thus far this year, the SPDR ETF is up 7.8% while the iShares fund is up 2.3%. The S&P 500 is up about 2.7% in 2018. On Wednesday, the Dow Jones Industrial Average fell 0.1% while the S&P was flat and the Nasdaq Composite Index rose 0.1%.