source url Update Next Day...Green Screen in Biotech…1/16…Complete reversal all up
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AGIO up 3.6%, BLUE up 4.78%, JUNO up 12.4%, KITE up 10.2%, NLNK up 2.4%, PBYI up 9.4%, ZIOP up 1.76%
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NASDAQ 4584 down 1.18% Euro down to $1.16 Gold at $1262 up $27.60
On a day when the Swiss National Bank surprised us with removal of their currency cap who knew it would be connected to a biotech sell-off? Or was it momentum traders betting on the JPMorgan Healthcare Conference BioBuzz getting out? Or was the CHF used as a currency for the carry trade by hedge funds? Stay tuned for fall-out.
Hot stocks in Oncology and CAR-T technology plays are selling off. (Many insiders are able to sell after their IPOs.) Most of these stocks were up big over 3 mos. fueled by momentum traders.
AGIO off 5.87%, BLUE off 8.27%,, JUNO off 11.8%, KITE off 11%, NLNK off 7.9%, PBYI off 2.34%, ZIOP off 8%
No doubt insider sales are a factor in some of these that are recent IPOs. KITE is down 16% today on volume of 3.5M shares.
(none of these stocks are in the Rayno Biopharmaceuticals Portfolio)
Roche Holdings (RHHBY) ADR $35.91 is up 2% because of CHF currency appreciation. Large cap biotechs are down about 1.5%