Biotech Stocks Remain Resilient On A Bad Day
The market took a nasty turn today with a 1.36% sell-off in NASDAQ and 1.05% for the S&P. The damage was across the board but the healthcare sector rose above the flack down only 0.11%. Large cap drug and biopharmaceutical stocks were green. Our mid-cap biopharma index had less damage than the overall market showing green and red screen with major ETFs down: IBB off 0.48%, FBT off 1.44% and XBI off 1.1%.
The Rayno Life Science Portfolio had several winners most notable:
Amgen Inc.(AMGN) was up 1% to $83.81 on heavy volume possibly on reiterated buys and a new FDA approval for Prolia.
Exact Sciences (EXAS) rose 3.39% to $11.27 on no particular news but the Company sold 6,320,000 shares of stock in a secondary offering in August shares at a price of $9.75.
Neogen Corp. (NEOG) shares jumped 8% in a down market as their Q1 profits, ending August 29, were up 9%. The Company earned $6.8M on revenues of $49.7M. The high for the stock in 2012 was $47.92 in July.