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Biotech outlook dire as bull market loses leader

Pedro Castellano | Getty Images

Investors are bailing on biotech stocks at such a rapid pace that it is shocking even some of the most-seasoned traders. It's a popping bubble that could have implications on the sustainability of this six-year bull market.

Consider this, the most popular ETF in the sector—the Nasdaq Biotechnology iShares (IBB)—hit an all-time intraday high Friday of $374.62. In just three trading days, it's down 9 percent. The ETF is up almost 500 percent since the market bottom in 2009, versus a gain of 200 percent for the S&P 500.

What's the next move? CNBC Pro dissects the technical analysis, the fundamental outlook and any drug catalysts on the horizon in order to determine what's coming for the sector.