Interesting write up. I think now is the time to think more carefully about how lockdown measures would affect different sectors (and individual companies) in the mid to long term. Even when the vaccines or cures are found, it would probably take a few years for things to return to normal. It's even possible that a new normal would begin, where companies across the globe embrace the work from home culture - WFH stocks might actually stand to gain in the long run.

A negative beta in the pharma sector also makes sense, considering the fear mongering around this period - people stocking up on drugs either as a preventive measure or jumping the gun for an acceptable treatment. Companies working on vaccine trials are also bound to see more gains as they declare positive results at each round of trial; the risk/reward ratio of investing in those stocks probably also increase at each stage. Any hint of bad news from the trials would probably send those stocks back down very quickly.