http://jeannettesdelicacies.com/staff/ Biotech Rally Fades after Five Days: IBB down 0.49%, XBI down 1%
Biotech stocks were weak at the onset and could not come back but the sector is still up about 7% over five days. Stocks were mixed on thursday and healthcare was weak with the XLV flat at $70.84.
The big mover was Alnylam Pharmaceuticals ( prednisone 20 mg purchase ALNY) up 11% to $70.57 well of its low for the year near $50. Alnylam was boosted on some bad news from a competitor Ionis Pharmaceuticals (IONS) whose Phase 3 clinical trial for TTRRx a drug for amyloid cardiomyopathy will not be started by partner GlaxoSmith Kline (GSK). This news benefits Alnylam because their Phase 3 drug revusiran for a similar indication may not have the side effect of thrombocytopenia or low platelet levels. Alnylam has a market cap of $6B and is on a few M&A hit lists.
Juno Therapeutics (JUNO) was up 3% possibly on expectations of positive clinical news from ASCO for its CAR-T cellular therapy for acute lymphoblastic leukemia.
Array Biopharma (ARRY) moved 3.57% today on anticipation of key data to be presented at ASCO on its late stage candidates for melanoma and colorectal cancer.
Celgene (CELG) rallied 5.4% over the past five days and on May 18 announced more than 65 presentations on solid tumor and blood cancers at ASCO.
GW Pharmaceuticals (GWPH) showed steady gains recently and was up 2.5%. The Company focuses on drugs based on CBD or synthesized marijuana cannabidiol with a Phase 3 drug for epilepsy.
click here ASCO Preview
Some of our core portfolio positions may get a boost from ASCO to be held on June 6. Bristol Myers Squibb (BMY) will present data on its cancer drug Opdivo for melanoma, NSCLS and advanced renal cell carcinoma. Abbvie (ABBV) will present data on eight medicines including IMBRUVICA for multiple hematologic malignancies and Venclexta for acute AML. Roche (RHHBY) a leader in diagnostics and therapies for oncology will present 19 Genentech medicines for personalized medicine and immunotherapy.
We will provide more ASCO previews in the coming days.