Speculative Biotech Stocks Sell-Off in Profit Taking: Gene Editing
Biotech stocks held current levels but small caps and speculative stocks sold off with the XBI down 1%. Most large caps were in the green with an upgrade from Goldman Sachs helping Merck (MRK) up 2.4% with a bullish story on Keytruda. Amgen (AMGN) offers good value at $175 , was up 1.8% and reports tomorrow. Mid-Caps saw a lot of red but among the movers up were: AVXS, GWPH, NBIX and PTLA.
Gene editing and gene therapy stocks were hit hard: BLUE down 1.32%, CLLS down 1.14%, CRSP down 7.27%, EDIT down 2.96%, NTLA down 6.26%, and SGMO down 4.72%. We will check for downgrades and news but it could be profit taking as CRISPR Therapeutics (CRSP) is up 97% YTD! Look for clinical updates at the upcoming ASGCT meeting on May 16 in Chicago.
Trump Delays Drug Pricing Speech
Biotech and pharma stocks held up today and dodged another attack on high drug prices. Trump is expected to give an address in the near future.
Disclosure long MRK