The IBB, an ETF that tracks biotech's biggest players, was down more than 2 percent Wednesday, on pace for its worst day since February 7 when it lost 2.5 percent.
Biotechnology stocks were falling on Wednesday after Food and Drug Administration Commissioner Scott Gottlieb said he is resigning from his post at the agency.
Salim Syed, senior biotech analyst at Mizuho Securities, told CNBC that Gottlieb represented a more"friendly FDA," adding he was"generally really liked by the biopharma investment community."Gottlieb is resigning to spend more time with his family, he said in a letter to FDA staff. The physician has been commuting from his home in Westport, Connecticut, where he has a wife and three young daughters.
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