Dr. Mark Monane Senior Analyst of Biotechnology at Needham & Co. was on CNBC today giving a turbo boost to the biotech rally that began in mid-March. 100 companies are presenting at the Conference. Over the past 3 weeks the biotech sector is up almost 10%. Two stocks that Dr. Monane recommended have also been in the Rayno Life Science Portfolio since 2/2/09:
Alexion (ALXN $104.65) up 336% since recommended.
Seattle Genetics(SGEN $16.19) up 76% since recommended.
Overall biotech stocks and ETF’s are up about 1.75 % today.
Punctuating the strength of the sector Inspire Pharmaceuticals (ISPH) was up 24.5% to $4.96 with the announced that Merck(MRK) would buy the Company for $430M. Inspire is focused in ophthalmic and pulmonary diseases. The 52 week range for the stock is $3.43-$8.74.