The NASDAQ Biotechnology Index IBB ($122.30) is off 1.5% today and more than 2% off its all time high of $126.65. The first clue to the current sell-off was a CNBC Fast Money Contributor to buy the ETF XBI ($79) earlier in the week at its top of $82.
Earlier this week we urged investors to pocket some of their profits on one of our best picks Regeneron (REGN $132.15) up an amazing 135% YTD. The stock hit an all time high of $145 in what appeared to be a blow-off on news that the Company doubled their 2012 Eyelea Sales Forecast to $500-550M.
Todays’ sell-off could be seasonal (sell in May) but was triggered by worries from the mediocre jobs report. Unemployment ticked down to 8.1% only because people left the workforce.How tough is the jobs market? Read this.
Our mid-cap biopharmaceutical index is down 1.2% with a few micro-caps in the green.Diagnostics and tools are being hit a little harder down 2%, with the exception of two stocks in our portfolio Quidel (QDEL $16.13) up 3.3% and Sequenom (SQNM $5.66) up 7.2%.