A languishing biotech sector rallied today with clinical news with Hepatitis C (HCV) drugs. The Rayno Biopharma Portfolio was up 2.4% led by Gilead Sciences (GILD) up 11.5%, Regeneron (REGN) up 3.3% and ViroPharma (VPHM) up 3.2%.
Gilead shares were up $7.50 on favorable Phase 2 results with their antiviral drug GS-5885 in combination with ribavirin. GS-5885 is a NS5A inhibitor that showed 25/25 patients had undetectable levels of HCV RNA after four weeks of therapy.
Celgene (CELG) shares were up 5.69% on Abraxane Phase 3 survival data in combination with gemcitabine for treatment of advanced pancreatic cancer.
Biotech shares have been in a correction mode since mid-October as momentum investors have raised cash after huge wins. The bellwether ETF (IBB) climbed 1.97% today and hit bottom on Friday and is still up 27% YTD after a sell-off from the $148 high. Momentum stocks that should be watched as a potential year-end rally develops are Alexion (ALXN), Medivation (MDVN) Regeneron (REGN) and Pharmacyclics (PCYC) all up today.