Positioning for a possible year-end Biotech Rally
After a nasty October correction of 10%, biotech stocks are in a recovery mode and poised for a Q4 rally extending to early January. This trend was intact in the past (check ’05,’06, and ’07 trends) but was disrupted by the recent financial crisis of ‘08/09. A nice base has formed around the...
Biotech stock rally continues: mid caps up 2.5%
Biotech stocks continue to rally off the early November bottom despite bad news from Poniard (PARD) because of the picoplatin study failure. PARD was down 76% at 12:09p. The recent news of Sanofi-Aventis adding $800M in funding of Regeneron for monoclonal antibody therapeutics has bolstered the...
Biotech sell-off abating
The technicals in the biotech market are looking a lot better but the damage from October was severe. The 10% correction from the Sep 21, 2009 peak is about over as long as the NASDAQ holds up. The IBB is at 75 today off its high of 84. Good news from a number of companies have helped restore...
Biotech sell-off continues
We commented on Tuesday about the broad selling of all biotech stocks large and small and this trend continues through today. AMGN shares are down this week despite earnings EPS of $1.49 beating estimates of $1.27 as regulatory concerns about its experimental osteoporosis drug weighed on...
Biotech stocks in stealth retreat
Biotech stocks were in a broad retreat today for reasons that are not yet apparent as the Nasdaq and S&P were only down a modest 0.6%. Large caps that were hard hit include AMGN, BIIB,and VRTX as well as the major ETF's IBB and XBI. My broad index of 35 mid cap biotechs was down 3.3% with some...