Biotech Sector All Green Triggered By ONXX Bid
A lagging biotech sector perked up today on the $10B bid for ONXX by Amgen(AMGN). Most Rayno Life Science stocks were up except Amgen which was down 0.19%. This is a tradable rally but one not likely to drive the sector to new highs. However mid and large cap biotechs (many up over 5% today) should benefit due to perceived acquisition premiums. If you are underinvested add to your portfolio with ETFs (IBB, XBI) or Fidelity Select Biotechnology Fund (FBIOX).
No changes have been made in our portfolios and look to another fresh rally in Q4.
New Catalyst for Biotech Stocks-$10B Bid for Onyxx
A $120 bid for Onyxx (ONXX $132.50) Pharmaceuticals by Amgen drove stocks up 52% in pre -market to $132.
Look for more action in biotech today as this is the catalyst we need for higher prices.