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Overheard: Most Drug Stocks Survive Brutal Week for Valeant

The lesson? Know what’s in your exchange-traded fund.

Despite a rally Friday, the pharmaceutical giant’s shares ended the week down nearly 35% amid controversy around the role of distributor pharmacies in its business model.

Biotech stocks, though, largely held up. The Nasdaq Biotechnology Index ended the week flat. One reason: Valeant isn’t a member of the index, so its own price moves don’t affect ETFs mimicking it. A good reason for investors to read up on what their favorite ETFs actually...