Good Day Today: XBI Breaks Through To YTD Highs

Good Day Today: XBI Breaks Through to $74.16 up 3.58% a 2017 High.

Nasdaq up 1.42%

Tech stocks rebounded today and biotech stocks soared and maintained the market lead in 2017 performance.The XBI is now up 25.29% YTD and the IBB is up 13% YTD closing in on its 2017 high just a tad above $300. The QQQ was up 1.67% to $140.46.

Clovis Oncology (CLVS) took off 46.54% on a Phase 3 clinical update of its already approved Rubraca PARP inhibitor drug for ovarian cancer. The primary endpoint of progression free survival was achieved in the patient population studied. The Company plans to launch a $250M stock offering.

The biotech sector was all green with many Rayno Life Science movers: AMGN up 1.64%, BLUE up 3.59%, BMY up 1.41% and GILD up 1.09%.

Small cap biotechs soared today, but mid-caps regained momentum: ALNY, BMRN, ICPT, INCY and RDUS in expectation of more good news or an M&A cycle. The healthcare sector (XLV) remains a market leader up 1% today with significant inflows over the past week.

Investors appear to prefer growth over value as energy and telecom stocks continue to lag.

Disclosure: None. 

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Chee Hin Teh 4 years ago Member's comment

Thanks for sharing