Biotechs have underperformed the broader market this year, and these stock are at crossroads as they await the new administration under Donald Trump to take over shortly after the new year. The SPDR S&P Biotech ETF ($XBI) has gained 9.2% for the year-to-date period compared to the 25%+ gain for the S&P 500 Index. The iShares Biotechnology ETF ($IBB), which has a relatively higher proportion of mid- and large-cap stocks, has also added under 10% so far this year. The underperformance takes away the sheen of the industry’s defensive credentials. R&D momentum slowed during the year, as is evident…