Biotech exchange traded funds suffered the biggest losses this week on earnings misses by some of the sector’s largest names. Meanwhile, among the major stock indices, the S&P 500 fell 1.9% for the week in Friday afternoon trading, the Dow shed 2.1% and the Nasdaq Composite declined 1.3%.

Regeneron Pharmaceuticals (NasdaqGS: REGN), the largest holding in iShares Nasdaq Biotechnology Index Fund (NasdaqGM: IBB), was on track for a weekly decline of more than 6%. It was among the biotech companies that reported quarterly earnings this week.

Hedge fund Deerfield Management thinks the biotechnology sector might be in a bubble right now after a strong run, the Motley Fool reports. Although there are some nuances to be considered such as patent expiration and product pipeline, this is mostly a “testament to relative valuations in the biotechnology industry and how much investors are willing to bank on future earnings materializing.”

In commodity ETFs, natural gas funds suffered the biggest setback this week. Oil ETFs were also weak as crude futures tumbled below $86 a barrel. [Four ETFs for an Oil Rebound]

In stock ETFs, lackluster third-quarter earnings reports are unsettling investors. [Earnings Worries Hit Stock ETFs]

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