Update-2…NASDAQ Rally triggers biotechs-XBI up 2.3% to $82.63 just above 2019 support level.Administration eased Huawei blocks because of trade concerns.
Update -1 …11a EDT- Biotech Red Screen-Following NASDAQ. Risk-Off.
The sell-off that started with Friday’s reversal continued today in early trading with the IBB down 1.23% to the $102.50 level. The equal weight smaller cap XBI was hit harder down 1.8% to the $81 level just above support from the 2019 rally. Geopolitical overhang “trumps” ASCO trades.
- Large caps were less volatile with following stocks up:ABBV, RHHBY, MRK.
- Gene therapy stocks were red except: QURE VYGR both near 52 week highs.
- Most mid-caps were down with big losers: AGIO BPMC NBIX SRPT etc.
ASCO Rally Fizzles Two Weeks ahead of May 31-June 4 Meeting: XBI down 0.9% to $83.
NASDAQ Fades down 0.9%.
RISK still OFF.
Here is a brief snapshot of trading today 30 min before close. Without a NASDAQ rally it is unlikely to have biotech’s moving up.
- Gene Therapy Stocks:red screen except BOLD, MGTX and SRPT.
- Mid Caps: Mixed but RED with following stocks up:AGIO NKTR SGEN XNCR
- Large Caps:Flattish with GILD and RHHBY up.IBB down 0.6% to $103.85.