The iShares Nasdaq Biotechnology ETF saw its worst day since Aug. 4, 2011, on Tuesday and is on pace for its worst month since March 2001. However, one analyst remains bullish on biotech despite its recent fall.
Len Yaffe of Stoc*Doc Partners told CNBC's "Closing Bell" that investors can capitalize on opportunities to buy on this significant price decline.
"I think that the multiples have come down for the companies earning money from about 24 times next year's earnings to about 17-18 times, more in line with the S&P, more in line with major pharma," Yaffe said. "And I think there's several companies so specifically where I think the prospects are much better than the analysts expect."