 It took a viral outbreak to stall the markets bull run. The U.S. market is in correction territory, with two of the three major averages having pulled back more than 10 from their recent peaks. The across-the-board sell-off has left many investors with evaporating gains and balance sheets dipping into the red. The biotech sector has weathered the COVID-19 impact relatively better than the broader market. Source: Trading View Biotech stocks inherently are defensive bets that are largely immune to changes in economic conditions. Stocks levered to COVID-19 and specifically those developing therapies or vaccines targeting the virus have seen meteoric gains. Some of these stocks have netted returns higher than Tesla Inc NASDAQ: TSLA shares, which have been on a terrific run and are up 62 year-to-date following a mid-February pullback along with the broader market. Biotech, Diagnostic Stocks Moving On COVID-19 Developments Therapies Gilead Sciences, Inc. NASDAQ: GILD : Gilead has initiated two Phase 3 studies to evaluate the safety and efficacy of remdesivir in adults diagnosed with COVID-19. 