Biotech Rally Stalls after 8% Move Off Brexit Bottom
- All of our picks are up although Gilead Sciences (GILD) is lagging.
- Top winners are Abbvie (ABBV) up 13.9% and Bristol-Myers (BMY) up 23.5%.
- New pick as of last week is Foundation Medicine (FMI) at $20.40.
- We added the IBB as a trade at $250, and now is $270.
- Celgene (CELG) not in our portfolio needs to hold above $104 to confirm recovery.
- The biotech sector still trails the QQQ Nasdaq-100. Volume is still low.
- Technicals tell the story as the IBB hit a triple bottom near 240, then rose to 250 at BREXIT event.
Here is the Rayno Biopharmaceutical Portfolio as of 4/14/16 and the current update:
| Company | Ticker | Date Started | Price | Price 7/11 | %Perform | ||
| Abbvie | ABBV | 2/3/16 | 56.49 | 64.35 | 13.9 | ||
| bluebird bio | BLUE | 2/3/16 | 43.75 | 48.67 | 11 | volatile/LT | |
| Bristol-Myers | BMY | 2/16/16 | 61 | 75.39 | 23.5 | ||
| Foundation Medicine | FMI | 7/5/16 | 20.4 | 21.58 | 5.8 | ||
| Gilead Sciences | GILD | 2/3/16 | 85.8 | 86.25 | – | ||
| Roche ADR | RHHBY | 4/4/16 | 30.36 | 32.59 | 7.2 | currency/LT | |
| IBB ETF | IBB | 6/29/16 | 250 | 270.56 | 8 | trade | |
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