Biotech stocks continue to rally off the early November bottom despite bad news from Poniard (PARD) because of the picoplatin study failure. PARD was down 76% at 12:09p.
The recent news of Sanofi-Aventis adding $800M in funding of Regeneron for monoclonal antibody therapeutics has bolstered the market.
The IBB is up 6.5% off the intermediate bottom of 75 since our last posting. Surprisingly our mid-cap index of 33 biotech stocks is up 2.7% today with only GTXI in the red. All other stocks were green.
The RAYNO Life Science Portfolio is up 1.9% today and about 9% YTD. Big movers of 4% or more are:
ABAX EXEL RDEA REGN SGEN SUPG and UTHR.
Supergen (SUPG) is in buying range at $2.70 with a market cap of $161M,stockholder equity near $100M and annualized revenues of $40M.