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Hedge Funds Go Bottom Fishing for Biopharma

RA Capital, Perceptive, and Millennium are making big bets on beaten-down stocks.

Biopharma stocks have been among the worst performers in the bear market.The SPDR S&P Biotech ETF lost more than half its value from early November to mid-June, while the NASDAQ Biotechnology Index dropped nearly 40 percent from August 2021 to mid-June.Both benchmarks, however, have rebounded sharply in the past two

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