We did not get any big news to start the week even though I think many were expecting to see a PR from AXON to start the morning. This is likely to be another one of those trend days where the sector generally follows the broader market but perhaps with a little more strength as […]
September 21 Biotech Update
The sector did get some momentum with the news yesterday but it still feels like a grind that is in a holding pattern, although clearly not like the broader market that has done nothing. There is nothing new today, which might give us a better sense if there is an underlying bid in the sector […]
September 20 Biotech Update
We are starting to get some meaningful data this week and while I suspect it will have some broader upside today, I will be curious to see if the sector moves and maintains a move. It seems to me that everyone is really wanting to see the AXON data and if any data is going […]
September 18 Biotech Update
I have been looking around for real meaningful news this morning and there does not seem to be anything compelling. As such, I expect a trend day with the sector more or less trading in line with the broader markets. The sector seems to be close to another break out having bounced off the $85 […]
September 15 Biotech Update
It still looks to me that the sector is acting less like a sector and more like an aggregation of individual stocks. That is always true (it is not a stock market but a market of stocks) but usually there is a rising (or lowering) tide that raises (or lowers) all boats effect. I find […]
September 13 Biotech Update
The sector in general appears to be treading water at these levels but that seems to belie the larger moves under the surface. I think keeping these levels and having good news rewarded and bad news punished is a sign of the relatively healthy sector, especially heading into historically risky months for the market. 1. […]
September 11 Biotech Update
It is a strong start to the week (broader market) with the sector trudging along higher. There are some very strong moves under the surface but those are both higher and lower, so the net impact is a more modest move in the indices. A small move higher after a medical conference is a win […]
September 8 Biotech Update
The sector has been doing well but it seems to have been a bifurcated market with big winners and losers. The broader market seems to be listless which is not helping. My low conviction view is that the sector looks ready to lead another leg higher but we need broader market participation for it to […]
September 6 Biotech Update
We have some more news this morning in the sector that I will focus on today. In terms of generalities, it is nice to see positive news being rewarded and while this seems like a natural state of affairs, there was a time where good news was not rewarded. The ability of positive fundamentals to […]
September 5 Biotech Update
A relatively quiet start to the week (at least for the sector). North Korea remains a concern but despite the nuclear test the response of the US and South Korea remains blowing up dirt with their own missiles. At this point the risk that the US has a military response is minimal. Remember that it […]
September 1 Biotech Update
They say that the market never bottoms on a Friday and I wonder if the same is true of topping? The sector has clearly had a strong near term move and is due for a pause but would strength today be the near term top or is there more to go? Over the longer term […]
August 31 Biotech Update
The good news and move for the sector continues. In isolation the move higher seems a stretch in terms of the fundamental news that we have seen the past week. The news has been good but we have had weeks with better news and did not have this reaction. Clearly sentiment has changed in the […]
August 30 Biotech Update
The sector and perhaps even broader market look good. One of my fears about the risk of a government shut down and/or debt ceiling might be resolving to a certain extent. There seems to be a growing consensus to do a three month funding, debt ceiling hike, and hurricane Harvey relief in a single bill. […]
August 28 Biotech Update
The long sector nightmare is over and we have a merger Monday and GILD did a deal. There was also some interesting BIIB data that has been loss in the shuffle but let us focus on the deal and what it tells us going forward. 1. Once again let me note that I am a […]
August 25 Biotech Update
The news flow has picked up marginally but nothing that is thesis changing for the sector. Volume is generally low and I suspect that the sector will be hostage to the broader market in that its moves will follow it. There is really nothing until the AXON data that could generate a strong independent move […]
August 23 Biotech Update
The sector had a good day yesterday with an early retracement this morning. I am a little surprised that there is not more weakness in the broader market. Last night Trump threatened a shutdown over the border wall funding, which is one of the risks I have been talking about. Does the market think that […]
August 22 Biotech Update
Another day with not a lot of news but we at least have some news to talk about in the doldrums of summer. 1. While we were expect the BPMC data at ESMO, they PRed the data early and to be honest it is not that exciting. In patients with FGFR4 activited the ORR was […]
August 21 Biotech Update
Happy eclipse day. There is little news both in the sector and in the market. This is not necessarily a bad thing as it might give us a sense as to whether there is an underlying bid or offer in the market. Barring any news hitting during the day, I suspect we drift on low […]
August 18 Biotech Update
The whole market is looking heavy and the IWM broke below key support. The sector is not going to be able to hold up if this continues but luckily there is still the rising 200 day just below $300 on the IBB that could be additional support. So would the IBB breaking below $300 surprise […]
August 17 Biotech Update
There is nothing to dissuade me that risk on is creeping back into the market as North Korea is fading into the background (for how long who knows but that is the current trend). As such, this will generally be good for the sector but we are approaching some seasonally weak periods for the market […]
