BioBubble with No Trouble?
Another green screen today with the usual suspects running in Rayno Biopharmaceuticals helped by the Bank of America Health Care Conference.
Alexion (ALXN) up 2.86%, Biogen Idec (BIIB) up 3.19%, Gilead (GILD) up 3.27%, Pharmacyclics (PCYC) up 2.5%, and Seattle Genetics (SGEN) up 3.29% etc. etc. etc.
In the bioETF world IBB hit an all time high at $186.18 up 219% over 10 years and XBI as well at $111.18 up 125% over 10 years.
Time to re-read my post of April 4, 2013: Is There No End to the Biotech Bull Market.
Also I read somewhere recently about “The Golden Age of Biotech” That may be a froth warning. But for now the bull run is intact because biotech is still relatively unknown and inscrutable among most investment professionals.
The biotechs are up 16% in one month! Channel break alert. And ASCO lies ahead in two weeks.