Update 6/14 2p -EDT The ASCO Rally tailwind looks good whether you are a trader or long term investor. As we called it on May 31 we thought the timing was right to add positions to biotech stocks. The rally is a bit more spotty now after a ~10% + move in the XBI but we should look for trades through July and earnings.
ARK Genomic Revolution (ARKG) could be the new bullish trend to watch as it embodies the hottest momentum stocks in genomics but is technically damaged poised for rally.
The FED Meeting this coming Wednesday will be pivotal to small cap growth stocks. We will update our latest picks after the Meeting: ARKG, CRSP, CYRX, MNMD, PACB and VCYT.
Vaccines are weak today BNTX, MRNA , gene therapy looks good, and there are nice morning moves In diagnostics and tools: BDSX, EXAS, GH, NSTG. PACB and VCYT.
We do need some M&A or major deals to keep momentum going.
Update-1 1p EDT 6/9 Rally continues with IBB up 1.99%. Large caps strong: BIIB, RHBBY, BMY,MRK, LLY etc. See our metrics post on large cap biopharma here.
ASCO week updates : BMY REGN RHHBY
- Biogen commentary mixed but on balance favorable.
- No major ASCO related stock moves, but nice trading action.
- Three large cap updates: BMY, REGN, RHHBY.
The big Biogen boost in biotech stocks eased a bit today perhaps clouded by he usual macro news on jobs, crypto sell-off and meme mania. The IBB held onto yesterday’s gains closing at $158 well above May lows. The XBI eked out a tiny gain of 0.84%. to $133.46 just at 3 month support levels, but with minimal gains YTD. We will need a few more days of trading to consolidate these moves and as we. have stated in a previous post this is we expect a decent rally through July or a rebalancing of portfolios for the year end.
Biogen (BIIB) stock held the $390 handle after a mid-day sell-off down to the $374 level.The aducanumab therapy will be drawing a lot of commentary because of an unmet need , political; pressure and pricing with a broad label.Uptake will depend on payor access and infusion capacity.
ASCO updates and trading this week on our portfolio stocks:
Bristol Myers Squibb (BMY) a bit of a sell-off to the $64 level after a double top at $67 for 2021.The Company acquired Celgene for $80B in 2019.The Company presented data on Opdivo combination therapy for Metastatic Esophageal Squamous Cell Carcinoma.Also being presented is their third Checkpoint Inhibitor for metastatic melanoma (LAG-3 blocking antibody).
Regeneron (REGN) was down 1.66% to $506 below May highs of $523. Many analysts like the stock which recently has been in the news for its COVID antibody therapy. The Company recently updated its oncology R&D program with a major focus on Libtayo (PD-1) for cervical cancer and chemo combination data for non-small cell lung (NSCLC) cancer, and a Ph 3 for Melanoma coming in 2022. aA major focus of te Company is their bispecific antibody portfolio which could be on the market in 2022. More data on these development programs are expected by year end 2021.
Roche (RHHBY) Roche is a major player in oncology from the acquisition of Genentech. The RHHBY stock gained about two points over the past week to $45. The company recently announced positive investigational data for bispecific antibodies for non-Hodgkins Lymphoma. And per our note yesterday about LLY and their AD portfolio we have an upgrade on Roche from Morgan Stanley for their Alzheimer’s candidate.
Additional company updates will be posted later this week.