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Talk about risk on: The unpredictable biotech sector just entered a bull market

What could go wrong?

Over in another corner of the financial markets, the biotech sector is heading in a more upbeat direction — and signaling a growing appetite for risk among some investors.

The Nasdaq Biotech Index NBI, -1.56% just entered a bull market, as it ended Monday more than 20% above its June 27 closing low. That meets one common definition for a bull market.

The gauge finished at...