"To us, this is really a story about market sentiment," Max Wolff, market strategist at 55 Capital, said Friday on CNBC's "
Biotech is a high-risk space that shot up quickly, Wolff said. The iShares Nasdaq Biotechnology ETF, the IBB, hit an all-time high last summer and has since tumbled as drug manufacturers' pricing has come under scrutiny. The presidential election has weighed on the space, too; biotech rallies have suffered after remarks made by Democratic candidate Hillary Clinton addressing drug pricing.
Wolff said that investors have moved out of the space "aggressively" as they've...