To win back investors, the drug industry needs to hunt bigger game. The stock market is smiling on many unprofitable growth stories these days, but a perennial favorite in this category, biotech, is feeling left out. The Nasdaq Biotechnology Index is up about 7% so far this year and down 6% over the past 12 months. Over the past five years, it has underperformed the Nasdaq Composite by 55 percentage points and the index sits 22% below the record high it set in 2015.

Source: Wall Street Journal June 11, 2019 13:52 UTC