enter site Roller Coaster Market
This will be a big week for the market with 25% of all S&P companies reporting earnings. There is a broad rally today in all major indices up over 1% with the DOW leading helped by AAPL up 2.4% on more bullish prospects for the Apple Watch. The leading sectors are technology, telecom and utilities with healthcare lagging but up 0.4%. Major biotech ETFs are slightly green.
CAR-T stocks are in a vicious sell-off: BLUE down 3.8%, JUNO down 10%, KITE down 9.5% and ZIOP down 7.9%. Investors were disappointed by lackluster data from Novartis (NVS) on solid tumors from the American Association for Cancer Research (AACR) Annual Meeting. None of these companies presented at AACR but were affected by the Novartis study that showed safety but little else.
We will update more AACR information this week.
The Rayno Biopharma picks that were movers as of mid-day market trading are:
Other hot stocks of the day are: Aduro (ADR) a recent IPO up 8.7% a clinical stage immunotherapy company and Mid Cap Incyte Pharmaceuticals (INCY) presented their pipeline at AACR. Merck (MRK) was up over 1% on their anti-PD-1 combination drug with KEYTRUDA.
Several Rayno Large caps will report earning this week: ALXN AMGN, BIIB, GILD