WASHINGTON (dpa-AFX) - Biotechnology stocks have come under pressure over the course of the trading session on Thursday, resulting in a 1.6 percent drop by the NYSE Arca Biotechnology Index.
With the notable decrease on the day, the biotechnology index has offset the jump seen on Monday and is now nearly flat for the week.
The weakness among biotechnology stocks comes amid another spike in U.S. treasury yields, which is weighing on high-growth companies.
Agios Pharmaceuticals (AGIO) is turning in one of the sector's worst performances on the day, slumping by 5.9 percent.
Ultragenyx Pharmaceutical (RARE), Nektar Therapeutics (NKTR) and Intercept Pharmaceuticals (ICPT) are also posting notable losses on the day.
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