Biotech Stocks Have A Strong Day-April 15 Bottom Holding
Stick with larger caps through earnings: ABBV, AMGN, ALKS, BIIB, GILD.
MOMO mid cap stocks coming back today: INCY MDVN PBYI plus many others.
Losers- Cepheid (CPHD and Pharmacyclics (PCYC)
Our biotech portfolio had a strong day with many stocks up 3% or more. The big test for large caps will be coming up with Q1 earnings releases on Tuesday-AMGN, GILD, ILMN; Wednesday-BIIB; and Friday-ABBV.
News today for stocks in our Diagnostics portfolio:
Cepheid (CPHD $45.84) down 4.36% on Q1 Results announced last thursday. Revenues were up 16% over 2013 Q1 to $106.9M and Net Loss was $9.3M, compared to profit of 0.3M in 2013.
Response Genetics(RGDX $1.24) up 6.9%, one of our few laggards was up on news of a proprietary NGS panel for lung cancer.
Biotech ETFs firmed up as traders moved in : IBB ($227.34) up 2.33% up 5.5% over 5 days, (XBI ($128.47) up 2.46% well off 4/15 bottom.