Leerink: #Biotech and #Pharma are defensive during recessions.

"On average the biotechnology indices (BTK and NBI) declined -1% during the three economic downturns compared to the pharmaceutical index (DRG) -10% and S&amp;P 500 -20%."

$XBI $IBB $NBI $BTK $DRG $XLV $SPX $SPY https://t.co/BHfvG8z5jL