Update-1 11a EDT, Large cap drugs and biotechs resume slide on drug pricing “reform” from Trump threats.
- IBB down 1.37%, XPH in downtrend tp $38.41.
- Laggards holding BIB, GILD.
- Winners losing MRK, RHHBY. LLY and PFE hit hard.
- Gene therapy green: BOLD,SGMO.
Illumina (ILMN) whacked over 15% on revenue warning,B of A downgrade.
===========
Vacation Week-Biotech
Large cap sell-off
We will begin posting on a more regular basis after this vacation week. Biopharma equal weight (XBI) is holding up well about 10% above the May lows.NASDAQ (QQQ) is outperforming biotech sector. There is a lot of day to day volatility especially with smaller caps and upward momentum. Yesterday’s action was choppy. Here are several stocks to watch from our limited universe:
- Gene therapy stocks with positive upward momentum near 52 week highs: BOLD, MGTX, QURE, RGNX, SRPT, VYGR.
- Strong Mid-Cap biopharma stocks in 2019: ACAD,BPMC,GWPH, INCY, MRTX, NVCR, RGEN, XNCR .
- Large caps are lagging in 2019 but MRK and RHHBY are best performers. Worst performers are: BIIB BMY GILD REGN .The IBB is barely holding SMA 20 levels. 9:55a EDT, PBMs up Large Cap pharma down after Trump Administration drops rebate overhaul plan (see news on right from Thompson Reuters.) And from AXIOS on drug pricing proposals.
