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Biotech stocks turn lower after reports of FDA commissioner resigning

Sarah Toy

Biotech stocks turned lower after news reports on Tuesday afternoon that Food and Drug Administration Commissioner Scott Gottlieb was resigning. The iShares Nasdaq Biotechnology ETF was down 0.3% after being up 0.5% just before the news. The ProShares Ultra Nasdaq Biotechnology ETF fell 0.6%, while the SPDR S&P Biotech ETF fell 0.2% . Biotech and pharmaceutical executives have praised Gottlieb for accelerating the approval of generic drugs and updating the process for FDA evaluation of novel treatments such as gene therapy.