Biotech Sell-Off Resumes: Caution Update 4/4

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Momentum Days Are So Over

NASDAQ Down 1.34%

The volatile and speculative SPDR S&P Biotech XBI hit $136 in early trading down 2.28%.After a brief rally early this week to the $148 level volume picked up with sellers. The IBB ($230.94) focused more in larger cap biopharmas is also down over 2% and is now only up 1% YTD after hitting a FEB 25 high of $273. Another red screen day with many widely held stocks down 3%. Abbvie (ABBV) and Bristol Myers (BMY) are holding the green.

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follow Red Screen after Three Day Rally-February Lows Still Holding

Many widely held biopharmaceutical stocks are down today as NASDAQ turns negative down 0.38% or 16 points. Here are selected quotes as of 11 am EDT:

Aegerion (AEGR $42.56) down 4%

Alexion (ALXN $150) down 2.9%

Celgene (CELG $143.70) down 2.5%

Gilead (GILD $72.60) down 1.87%

IBB ($235) down 2.73%

Illumina (ILMN $151) down 3.53%

Incyte (INCY $52) down 4.3%

Seattle Genetics (SGEN $42) down 4%

Vertex (VRTX) down 3.83%

XBI ($139.26) down 3.57%

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