Markets Are Back To Fretting About Fiscal Cliff
Bernanke scolded Congress on the fiscal cliff and markets turned down. Despite a lackluster market down about 0.3% there is a lot of green in biotech. Among the winners in the Rayno Life Science universe are:
Astex Pharmaceuticals (ASTX $2.47) rose over 10% on Phase 1/2 results of their MDS drug SG-110 novel hypomethylating drug. Results will be presented at the ASH on Dec 10.
Cepheid (CPHD $31.67) was up over 5% on volume over 600k on no particular news but recent upgrades and conference presentations.The stock hit a 2012 low of $28.12 last week.
Illumina (ILMN $50.3) hovered above $50 after recent news that it was bidding for Complete Genomics (GNOM) for $113M in cash.
Regeneron (REGN $174) rocked on up 8.7% (118% YTD) and a 52 week high and encouraging news from the European Regulatory authority CHMP with potential approval of Zaltrap for combination therapy of colon cancer.
Also up among our portfolio winners is Biogen -Idec (BIIB) and the iShares NASDAQ ETF IBB back now to $135 after correcting to the $127 level recently.