Biotech stocks managed to carve out modest gains for the week ending April 8, defying the broader market weakness. The defensive nature of the stocks make them appealing in times of risk aversion.

Data readouts triggered some stock-specific reactions. Phio Pharmaceuticals, Inc. (NASDAQ:PHIO) was among the best performers for the week after reporting positive preclinical data on an RNAi therapeutic candidate meant to enhance the efficacy of anti-PD-1 antibody therapies.

On the regulatory front, BioXcel Therapeutics, Inc. (NASDAQ:BTAI) received FDA approval for its BXCL501, an investigational, proprietary, orally dissolving thin film formulation of dexmedetomidine for the treatment of...