ASCO Day 2 Briefs and Daily Movers: ARRY,GILD,IBB,IMGN,SGEN

buy Lyrica online uk Apparently ASCO Is “Sell On the News” Trigger

Another lackluster trading day with profit taking; the IBB  is down 2.3% and trading near its May bottom with a pronounced topping pattern.Moreover many funds and indices now own biotech stocks so without the general market rallying ((NASDAQ off 22 pts at 2:30 p EDT), the sector will be in a risk-off mode. ETF Channel also showed large out flows of many long term winners- AMGN,CELG,REGN. Most biotechs are in the red today.

Here are selected ASCO news items within our selected universe of 60 biopharma stocks:

Array ( buy modafinil uk reddit ARRY $5.32) was down a whopping 8% today probably because of an announced  $100M convertible offering. Yesterday the Company announced partner news on its out-licensed MEK inhibitors with partners AstraZeneca PLC and Novartis (NVS).

A May 31 IPO Epizyme ( EPZM $25) that surged 40 % after opening was off 9% today.The Company focuses on genetic forms of cancer caused by oncogenes.

Immunogen ( source url IMGN $16.70) was off 3.8% despite news yesterday on its Phase 1 folate receptor alpha (ADC) conjugate for ovarian and other cancers,

Incyte ( INCY 21.50)  off 1.92% announced Phase 1/2 results from ruxolitinab for bone marrow fibrosis. The drug is already on the market for myelofibrosis. Revenues for the Company are forecasted at $382M for the current year.

Most Rayno Biopharmaceutical stocks were down today and we would see further weakness in Gilead (GILD) as an opportunity to buy more as they now have cancer drugs in their pipeline such as the P13K delta Idelalisib Phase 3 product for CLL and lymphoma.

 

 

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