Biotech stocks have been on a wild ride this year. For instance, the bellwhether SPDR S Biotech ETF (NYSEMKT: XBI) has been up by as much as 9%, and down by as much as 12%, during just the first five months of 2023. Today, this extreme volatility among biotech stocks has been on full display.

Shares of the eye disease company Apellis Pharmaceuticals (NASDAQ: APLS) plunged by 6.6% right out of the gate this morning. Likewise, the non-liver disease drugmaker Madrigal Pharmaceuticals (NASDAQ: MDGL) saw its stock dip by 6.7% during the first hour of trading, and shares of the rare-disease specialist Sarepta Therapeutics (NASDAQ: SRPT) were down by as much as 5.6% around mid-day. 

Since hitting these intra-day lows, however, these three biotech stocks have all reclaimed lost ground. As of 2:23 p.m. ET Tuesday afternoon, Apellis stock was only down by 1.5%; Madrigal's shares were flat for the day; and Sarepta's equity price was in the red by a more modest 3.4%.   

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Source Fool.com