Despite the continuing gloomy backdrop of a Greece default, U.S, debt ceiling and weak housing data, several market sectors rallied today. The NASDAQ was the leader up 1.37% and the S&P was up 1.06%. Energy was the sector leader up 1.39% helped by higher crude (WTI Crude $102.70) and nat gas prices ($4.69).A stronger Euro (Eu $1.4395), weaker dollar also helped the market.
Healthcare and life science stocks continued to rally as reported earlier biotechnology and large cap drugs saw money flows and buyers.
Bruker Corp. (BRKR $19.72) up 3% on positive product news and a favorable report from Leerink Swann saying that mass spectrometry is leading growth area within biotech tools.
Complete Genomics (GNOM $15.80) was up 11.5% near its 52 week high of $17.25. The Company did a secondary on May 26 selling 5.5M shares at $12.50.Revenues for the last quarter were $6.8M up $3m from the December quarter. William Blair upgraded the stock on April 19.
Neurocrine Biosciences (NBIX $8.25) soared 11% on no apparent news. The Company is focused on women’s health,including neurological and endocrine disorders with five clinical trial candidates and partnerships with Abbott , Boehringer- Ingelheim and GSK. The most recent quarterly report gave an update on its pipeline and showed a Net Income of $2.9M due to R&D collaborations, with a shareholder equity of $22.99M.The market cap is $455M with a 52 stock price range of $3.92-9.30). Piper Jaffrey has a neutral on the stock.