U.S. equities slipped lower on Thursday as investors continued to digest a heavy flow of earnings reports. There have been some disappointment as well surrounding a lack of specifics from European Central Bank President Mario Draghi, who has been jawboning fresh stimulus but hasn’t yet actually taken action.

Some weakness in key industrial and technology stocks has weighed on sentiment. Now, biotech stocks are coming under pressure as well. The Nasdaq Biotechnology ETF (NASDAQ:IBB) is falling away from its 200-day moving average, falling down what looks like the right shoulder of a head-and-shoulders reversal pattern going back to 2017.

Here are four biotech stocks helping lead the decline:

Biotech Stocks: Vertex Pharmaceuticals (VRTX)

Shares of Vertex Pharmaceuticals (NASDAQ:VRTX) stock, which focuses on cystic fibrosis treatments, are falling away from their 50-day and 200-day moving averages to return to the April-June trading range. This marks the latest test of uptrend channel support going back to late 2017. Coverage of this biotech stock was recently resumed at Citigroup, which assigned a buy rating and a $205 price target.

The company will next report results on July 31 after the close. Analysts are looking for earnings of $1.08 per share on revenues of $886.3 million. When the company last reported on April 30, earnings of $1.14 beat estimates by 13 cents per share on a 34.3% rise in revenues.

Regeneron Pharmaceuticals (REGN)

Shares of Regeneron Pharmaceuticals (NASDAQ:REGN), maker of treatments including EYLEA for wet age-related macular degeneration, have fallen back below their 50-day moving average and look set for a test of vital support near its early 2018 lows around $290. This marks the bottom of a trading range going all the way back to 2014, so a breakdown would open the door to a major reversal of the gains posted between 2010 and 2015 that resulted in a 23x rally.

The company will next report results on Aug. 6 before the bell. Analysts are looking for earnings of $5.44 per share on revenues of $1.8 billion. When the company last reported on May 7, earnings of $4.45 missed estimates by $1.07 per share on a 13.3% rise in revenues.

Alexion Pharmaceuticals (ALXN)

Shares of Alexion Pharmaceuticals (NASDAQ:ALXN), which makes various medications including a treatment for genetic blood disorders, are falling away from their 200-day moving average to threaten a decline below its late May low near $115. This marks nearly a 20% decline from its April high.

The company reported better-than-expected results on Wednesday, with earnings of $2.64 per share beating estimates by 30 cents. Forward guidance was raised as well. Yet it appears the whisper number was higher, as investors sold on the report. The company will next report results on Oct. 23 before the market.

Incyte (INCY)

Shares of Incyte (NASDAQ:INCY) stock, which is a maker of various cancer treatments among other drugs, is falling away from double-top resistance near the $90-a-share threshold and is once again threatening a decline below its 200-day moving average. Shares enjoyed a lift last month on the premium purchase of Array BioPharma (NASDAQ:ARRY), maker of treatment for certain BRAF-mutant cancers, by Pfizer (NYSE:PFE).

The company will next report results on July 30 before the bell. Analysts are looking for earnings of 49 cents per share on revenues of $496.6 million. When the company last reported on April 30, earnings of 62 cents per share beat estimates by 21 cents on a 30.2% rise in revenues.

As of this writing, William Roth did not hold a position in any of the aforementioned securities.