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Ionis Pharmaceuticals Helps Lead The Biotechnology Sector Lower

Biotechnology stocks have shown a substantial move to the downside during trading on Tuesday, with the NYSE Arca Biotechnology Index tumbling by 2.4 percent.

The steep drop by the biotechnology index has partly offset the 2.8 percent jump seen over the course of the two previous sessions.

Ionis Pharmaceuticals (IONS) is leading the sector lower after announcing its partner, Roche, has decided to discontinue dosing in the Phase III study of tominersen in manifest Huntington's disease.

Shares of Ionis are currently down by 17.6 percent after hitting their lowest intraday level in nearly a year in early trading.

Nektar Therapeutics (NKTR) and Agios Pharmaceuticals (AGIO) are also posting steep losses on the day, slumping by 6.4 percent and 5 percent, respectively.

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