The biotech sector is down over 40% year-to-date. "With the Federal Reserve increasing rates, when there are negative cash flow companies, the discounted cash flow value or DCF goes down. Very few places have been hit as hard as biotech. I think it gets worse before it gets better. I like commercial stocks with great management and attractive valuations," says Max Jacobs. He then provides his stock picks, which include Horizon Therapeutics (HZNP), Coherus Biosciences (CHRS), and Mind Medicine (MNMD).