No Taper Rallies Stocks and Bonds-Equities up almost 1%
Most sectors and stocks turned bright green after FED announces “No Taper”.
Biotech stocks are up with IBB up 1%. Drug stocks very strong due to dividend plays and lower 10 year yield (2.724%).
Gold up $34 with weak dollar.
Oil up 2.63% on energy stocks follow.
No inflation pressure.
IBB and XBI flat to down
The biotechnology sector is holding up well in a choppy market ahead of FED, but with notable action in several stocks:
Aegerion Pharmaceuticals (AEGR $80.92) is down over 6% on heavier than normal volume. The stock made a double top in the mid-90s and is a favorite of several hedge funds and even Fidelity. The stock was $30 in Q1 2013. Support level is $81 then $70.
Array (ARRY $6.41) is up 2.89% on good volume near 2013 high of $7.
Clovis Oncology (CLVS $73.59) is up 1.6% and stable after announcing it was up for sale yesterday. CLVS is a “junior” mid cap with a $2B +valuation with 4 Phase 1 drugs but none in Phase 2.
Regeneron (REGN $305) continues to soar even over $300 up 3% today. Cramer is pumping the stock again today.
Repros Therapeutics (RPRX) soared 8% on more clinical data for Androxal for testosterone replacement therapy.
ARRY and REGN are Rayno focus stocks.