ASCO Update: Many Stocks Rallied on the News Over the Past Month
ASCO Rally is Holding but Fails to Break Through to New 2017 Highs
The stock performance of most companies with ASCO news is summarized below.Biotechnology stocks are driven by clinical and deal news so here are some trends to consider:
- Anticipation of positive news from ASCO drove gains before the Meeting. The rally began in late May just after Abstracts were released.The XBI is up 4.9% over the past month.
- Stocks usually sell-off after the news but consider which stocks can hold near their highs.
- Individual stocks with notable news were very strong and the overall sector is still up this week.Big winners were BLUE CLVS KITE LOXO PUMA.
- CAR-T stocks bluebird bio (BLUE) and Kite Pharma (KITE) were huge winners.
- The biotech sector is outperforming the market in 2017 up 18-21% YTD.
In our next review of ASCO related stocks we will look through the data to identify breakthrough product potential and upgrades.
BLUE, BMY, RHHBY, XBI are in the Rayno Biopharma Portfolio.