Since the central bank started hiking interest rates, the stock market hasn't been kind to most companies with nosebleed valuations. This is because institutional investors have pivoted away from high-growth opportunities, many of which were fueled by ultra-low interest rates, and into more traditional value plays like blue chip dividend stocks.   

This trend reversal has hit numerous healthcare stocks particularly hard. Over the course of 2009 to 2021, investors poured money into cutting-edge healthcare companies with the belief that the aging global population, an ongoing innovation boom, and a favorable regulatory landscape would drive a marketwide boom in profits. And to be fair, this bullish thesis did indeed pan out in many instances.  

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Source Fool.com