We commented on Tuesday about the broad selling of all biotech stocks large and small and this trend continues through today. AMGN shares are down this week despite earnings EPS of $1.49 beating estimates of $1.27 as regulatory concerns about its experimental osteoporosis drug weighed on investor.Despite bullish analyst support and a forecast of approval as early as Q1 2010,the stock is off 6% from Monday’s high of 60 which is the January 2009 price. Celgene also beat estimates but sold off following a slight pop after earnings.
Our index of 35 mid-cap biotechs is down another 1.5% today as of 12:40 EDT with only two winners. The biotech sector hit a 2009 high around Sep 21 and but has been weak since that time.This week both the IBB and XBI are down about 4%.
We are close to a bottom in CEPH and GILD both of which are long term buying opportunities.

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