This has been an overall rough year for biotech stocks. With the iShares Biotechnology Nasdaq ETF down more than 20% YTD, investors have learned more than ever that betting on biotech is always a risky business. However, as is often the case when the baby is thrown out with the bathwater, this downturn in biotech valuations has created some interesting buying opportunities.
Amid this sea of red tape, I believe investors would be wise to take a second look at beaten-down blue-chip biotech stocks Celgene Corporation and Bristol-Myers Squibb.
