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The first year of the COVID-19 pandemic fueled a frenzy for biotechnology stocks. Now, with vaccines in millions of arms and the omicron variant on the wane, there are signs investors are ready to move on.

After cresting at nearly $5 billion a month in early 2020, inflows into health care funds have slowed to a more modest $800 million a month, according to data compiled by Bloomberg Intelligence. While that suggests that a healthy appetite for the shares of vaccine makers and other drug companies remains, the excitement — and fear — stoked by the early days of the pandemic has subsided.

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