Biotech stocks declined yet again in the week ending May 6, dragged lower by macroeconomic concerns following the Federal Reserve's 50-basis-point rate hike. TheiShares Biotechnology ETF(NASDAQ:IBB), considered a proxy for the sector, shed close to 3 percent during the week.

Penny stock and digital therapeutics companyBetter Therapeutics, Inc.(NASDAQ:BTTX) more than doubled despite a lack of any meaningful catalysts. On the other hand,Connect Biopharma Holdings Limited(NASDAQ:CNTB) lost more than half its market value after its investigational asset that is being evaluated for ulcerative colitis flunked a mid-stage trial.

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