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Blame a slump in gene therapy stocks in the second half of the year for the relative underperformance of the biotech sector, according to a new analysis.

A proprietary index of 64 drug makers developing gene therapies has “massively underperformed” the broader market since August, Evercore ISI analysts Ravi Mehrotra and Josh Schimmer said in a research note sent to clients on Sunday. By the numbers, Evercore’s gene therapy index is down 22% from August. In the first half of the year, the same collection of gene therapy stocks were up 37%.

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