Abcellera Biologics Inc is trading 10.3% down at $5.71 as the biotech sector faces pressure from rising Treasury yields and hawkish Fed expectations.
- The drop marks a sharp reversal from the previous session's 11.36% gain, despite no new negative company-specific news disclosed.
- Market sentiment has shifted following stronger-than-anticipated U.S. jobs data, reinforcing higher-for-longer interest rate outlooks.
- High-valuation growth stocks are seeing significant outflows as investors move toward a risk-off stance amid sliding major indices.