Another clinical trial failure for an Alzheimer’s Disease in a late stage trial triggered a pre-market sell-off. Both Biogen (BIIB) and Lilly (LLY) drugs in development are engineered antibodies that attack beta amyloid targets in the brain.

As of 10.25am 11/23

ACIU $11.90 down 13.14%

BIIB $304 down 4.4%

LLY $67.16 down 11.4%

The sell-off appears to limited to direct players for now. The IBB is flat at $281.16 and the XBI is actually up 0.57% to $65. Mid-caps are in the green: SGEN, TSRO.

AC Immune (ACIU) A Swiss based clinical stage biopharma Company is focused in AD drugs with a pipeline of six drugs including one for prevention is partnered with Genentech (Roche) and Janssen (JNJ).

The biotech sector is underperforming YTD and this news will undoubtedly bring in sellers.

Update at the close.