Weak Start for Biotech Stocks on 1/8/18-Red Screen Day
Positive Updates on BIIB CELG GILD etc
Biotech ETFs Firm Up about 1.5% Tuesday AM JPMorgan Healthcare Conference
Biotech stocks abruptly sold off at the market open yesterday with the XBI down 2% to the $85.31 level and the IBB down 1.33% to $108.37. Apparently, the 9000 attendees of the 2018 J.P.Morgan Healthcare Conference who crammed into the presentations had little time to buy stocks. Or maybe the robots took over at the opening selling on impending news for the Conference and the technical resistance that was hit last week. But the selling soon abated and major indices were off their lows. Biotech stocks should do better today as updates from major companies are digested. General stock indices were also flat for the day.
As of early Tuesday, trading biotech stocks were primarily in the green. We sat in on presentations for some of our focus stocks in the Rayno Biopharma Portfolio and we were encouraged by the updates. Here are some quick notes on what we heard and current trading prices:
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