Biotech Stocks Are Getting Smashed

The stock market is selling off today, and once again it's being led down by the momentum stocks.

One red-hot industry that continues to get smoked is biotechnology.

The iShares Biotechnology Index (IBB) is down a whopping 4.9%.

Among the big losers are Alexion Pharmaceuticals (-6.9%), Gilead Sciences (-5.7%), Biogen Idec (-4.4%), and Vertex Pharmaceuticals (-4.4%).

The IBB index is now down 19% from its February high.

More to come...