Pause in Rally as Large Cap Biotechs Are Weak
There is significant weakness today in many high fliers that is not apparent in the S&P, NASDAQ and Russell averages. The IBB hit a new high yesterday at the $162 level and is off 1% today. Large Cap leaders YTD are also weak today AMGN, BIIB, GILD and CELG. Here are some significant losers among the MO stocks:
Amazon (AMZN $260) down 1.2%
Infinity Pharma (INFI $48.21) down 3.75%
Netflix (NFLX $169) down 4%
Pharmacyclics (PCYC $76.72) down 3.76%
Rayno Life Science Movers
Off YTD Highs: AMRI down 5% , CBST off 2.8%, CSII down 3.4%, EXAS down 2.8%
New highs YTD: ASTX up 12%, REGN up 1.5%
Expect weak seasonality and wait for a correction. Look for a biotechnology rally as we approach ASCO meeting in late May. Diagnostics and tools are also weak but not as much as mid -cap biopharmaceuticals.