The XBI is down 0.77% (−1.30 pts) so far today, and 56% of that decline came from just three stocks: MRNA, SYRE, RLAY.
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RELAY THERAPEUTICS INC and MAPLIGHT THERAPEUTICS INC moved almost identically (−5.40% vs −4.63%), yet RLAY moved the XBI 10.4× as much. In a cap-weighted index, the bigger company's weight turns the same percentage move into far more points.
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