Update-2…One of the best days of the year for us; I will summarize later. Only laggard sector was speculative microcaps.
Some of our best gains among healthcare/life science stocks: ABBV AMRN CRSP GILD ILMN TDOC UNH VCYT XBI
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Update-1… Biotech gains Curbed by macro–global turmoil and impeachment attention?
- XBI holds second day of small gains at $84 handle.
- Weak link in the market remains small caps with IWM stuck at $158 level; AMRN strong.
- Gene therapy stocks still running: NTLA EDIT CRSP SRPT.
- Mid-caps overall green;NAZ flat at 8482.
- ZIOP up 8.33% ; no news.
- XLV healthcare holds but rising concern about surge in healthcare costs;UNH down 0.66%.
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Nice Gains for Biotech Today: AMRN DRNA CRSP SGEN
Amarin (AMRN) one of our top small cap picks for 2019 soared 23.83% today on expectations that the FDA will recommend a broader indication for its fish-oil drug. Amarin wants to say in its Vascepa label that the drug can reduce cardiovascular risks like stroke or heart attack.An FDA committee released documents,to say that Vascepa has a “favorable benefit/risk profile” for a cardiovascular drug. PDUFA date by year-end.
Our closely watched gene therapy stock group had several big moves: Sarepta (SRPT) up 5.45% on safety concerns from a Duchenne disease competitor Solid Biosciences (SLDB) down 74%.; EDIT up 9.47%, Dicerna (DRNA) up 8.53%, CRSP up 5.24%, BLUE up 4.51%, NTLA up 3.47%. Follow technicals on these stocks and look for clinical news from upcoming scientific meetings. XBI technicals are positive if the price remains above $80 with expectations above $90 by mid-January.
Mid-Caps were strong :AGIO MRNA NVCR SGEN XNCR . Seattle Genetics (SGEN) hit a 52 week high of $111.60. SGEN was one of our Top Picks in 2015 in the $32 range, and is a leader in antibody-drug conjugates.
Large caps had a good day with Regeneron (REGN) continuing to lift from the recent bottom and our top picks Abbvie (ABBV) and Merck (MRK) both up about 1%, better than the IBB up 0.31%. The following large caps are at or near 52 week highs: AMGN, BMY, CELG, RHBBY, VRTX.
Disclosure : long ABBV, AMRN, CRSP, DRNA, BMY, RHHBY, XBI.