Biotech stocks fall despite positive data; development-stage group down 4.9%

Development-stage biotech stocks tumbled broadly Wednesday, with the Medical-Development Biotech group falling 4.9%. Multiple names dropped despite positive catalysts. Rapport Therapeutics fell 17.7% after an investor event. Climb Bio slid 11.9% after being added to a favorites list. Cullinan Therapeutics plunged 22.2% despite a unanimous buy rating. Stocks with upbeat news also declined. Oruka Therapeutics dropped 4.9% after strong psoriasis trial data. Ionis Pharmaceuticals fell 4% despite a successful Phase 3 readout for a partnered kidney drug. BridgeBio lost 5.1% and Celldex Therapeutics slid 7.1%, both undercutting key moving averages. The group ranks 30th out of 145 groups, down from 3rd a month ago.