Biopharmaceutical stocks caught bids today (in a weak technology market) after yesterday’s M&A spiked rally. Large cap leaders in the NASDAQ-100 were up:
Biogen(BIIB) up 1.63%, Celgene (CELG) up 1.6% and Gilead (GILD) up 0.68%. Major ETF’s-IBB FBT XBI- also gained about 0.5%.Amgen(AMGN) was flat at $53.84.
In the Rayno Portfolio:
Diagnostic products maker for food safety and animal health Neogen (NEOG $41.00) gained 4.4% on an upgrade by Hilliard Lyons. The 52 week high is $43.14.On March 22 the Company reported quarterly income up 27% to 21 cents on revenue of $42.2M. Revenue forecast for the 2011 year ending in May is $172M which on the current market cap of $948M gives a P/S of 5.5X and a PE of 46.
Other medical device movers today were Cardiovascular Sciences(CSII $10.86) up 5% and Alera (ALR) up 1.3%.