The biotech index has fallen almost 30% from its 2015 highs. Biotech stocks as a whole have had a tremendous run during this macro bull market. In 2014 the biotech index fell 25% before finding support, so this sector isn’t for the faint of heart.
Technical support lies in the $280 range, with $300 coming in as near term support. The future direction of the sector will likely be tied with the direction of the macro market and the major market averages.