Biotech stocks were in the crossfire again on Wednesday. But this time Hillary Clinton wasn't to blame. 

Valeant Pharmaceuticals (VRX)  bruised the sector as shares fell more than 40% at their session low after short seller Citron Research published what it called its "smoking gun."

Valeant later rebutted the claims it had fudged its sales numbers but the damage was done. Fear spread to its competitors. Pfizer (PFE) - Get Report , Bristol-Myers Squibb (BMY) - Get Report , Eli Lilly (LLY) - Get Report and AbbVie (ABBV) - Get Report were all lower, while the iShares Nasdaq Biotechnology Index ETF (IBB) - Get Report fell 1%.

The biotech sector managed to recoup the worst of the day's losses by market close but bearish sentiment still lingered. The S&P 500 was down 0.58%, the Dow Jones Industrial Average slid 0.28%, and the Nasdaq fell 0.84%.

The biotech sector has seen sharp losses over the past month since Democratic presidential candidate Clinton committed to addressing what she deemed "price gouging" in the industry. Since September 21, the day Clinton made her announcement, the iShares Nasdaq Biotechnology Index ETF (IBB) - Get Report has fallen more than 13% compared to the S&P 500's 3.6% gain. 

But recent losses in the sector could present a larger opportunity for investors, according to some analysts. 

"Biotech weakness probably has minimal readthrough to the broader markets," Brian Skorney, senior research analyst of biotechnology at RWBaird, told TheStreet. It could "easily mean that the freed up capital can now be invested in other sectors."

Skorney also added that sector weakness was largely tied to the industry's above-par performance over the past few years. "With the whole pricing dynamic coming to the forefront and no great confidence in substantial upside, we are just seeing relentless selling pressure," he added. 

Better-than-expected earnings from blue-chip companies helped to offset some of the pressure from the biotech sector on Wednesday. Boeing (BA) - Get Report  was the best performer on the Dow after beating earnings estimates and raising its full-year outlook. The airplane manufacturer earned $2.52 a share in the third quarter, above forecasts of $2.21. For fiscal 2015, Boeing expects revenue of $95 billion to $97 billion, up from previous guidance of $94.5 billion to $96.5 billion.

General Motors (GM) - Get Report climbed 5.8% after topping quarterly estimates on its top- and bottom-lines. The automaker reported net income of $1.50 a share, 31 cents higher than forecasts, and revenue of $38.8 billion, $250 million better than expected. Sales slid 1.2%.

Fellow car companies rallied alongside GM. Ford (F) - Get Report climbed 0.1%, Toyota (TM) - Get Report added 1.2%, Honda (HMC) - Get Report gained 2.2%, and Nissan (NSANY) was up 1.9%.

Ferrari (RACE) - Get Report was also helping auto stocks after opening for trading at $60 a share in its market debut on Wednesday. The company had priced its initial public offering at $52 a share. Fiat Chrysler (FCAU) - Get Report will see its stake reduced to 80% after Ferrari floats, down from 90%. The stock is trading on the New York Stock Exchange.

The stronger U.S. dollar continued to pressure multinationals' topline growth. Kimberly-Clark (KMB) - Get Report reported a 7% decline in revenue to $4.72 billion. Organic sales rose 5%, led by gains in emerging and developing markets.

Coca-Cola (KO) - Get Report  reported sales of $11.4 billion, slightly short forecasts. Revenue dipped from a year earlier as the effects of a stronger U.S. dollar ate into sales being brought back to the U.S. from overseas.