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Biotech investors, once the envy of Wall Street, have slipped into despondency.

After a double-digit decline in 2021, the sector has fallen another 20% in the new year, erasing billions in value and leading even the most seasoned investors to question whether biotech has further to fall.


“I’m 51 and I had retirement in my head. I just went through a life-changing two years and got very wealthy,” said the principal of a mid-sized biotech fund, speaking on condition of anonymity to be candid. Now, “my screens have been red in biotech for nine months … There’s nowhere to hide.”

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