The sector looked like it would be off to a good start but it faded quickly. I would still argue that any movement before the GILD earnings can be quickly changed, so the trading action tomorrow is much more important than anything today. Not a ton of major news but a decent amount of tidbits, […]
July 27 Biotech Update
The market looks bad and it is bringing down the sector although I think BIIB has done a pretty good job at reversing some bullish biotech sentiment. That being said the sector might be outperforming the broader market a little as there was a nice big deal announced this morning. When all is said and […]
July 24 Biotech Update
Unlike earlier this week where bad news was shrugged off, it looks like we are going to see selling on the bad news. This pullback should eventually generate nice bargains if it picks up steam but it might not be an immediate buy the dip as earning have been relatively mixed, so money may be […]
July 23 Biotech Update
A good start to the day with earnings almost universally beats and raises. Given the strength the sector showed yesterday, this should move the group higher and increase expectations for those companies that have not yet reported but perhaps we are in an opposite mode and will sell good news and buy bad. 1. BMY […]
July 22 Biotech Update
The sector is a little weak this morning, which is to be expected but not nearly as weak as I thought it would be going into the open. There has been some negative news (or mixed depending on your view) and I figured this would weigh more heavily on the group. It is obviously still […]
July 21 Biotech Update
The sector was green again yesterday and this morning but it does not seem to be a broad based move. The small caps appear to be underperforming and among the large caps it seems isolated to CELG with AMGN and GILD being relatively weak. This narrowing of the move tells me that we are much […]
July 17 Biotech Update
I leave town and the sector runs to new all-time highs and I come back and there is a pullback. Perhaps the market is trying to tell me something. It is not surprising to see a pause even a pullback but I also think people were underinvested expecting a deeper sell-off, so I am not […]
July 9 Biotech Update
It is a new day and apparently a new market with everything now OK. Clearly chop is the order of the summer (as is amnesia with the market having almost no memory day to day). As always it matters less how we start and more how we end but given the lack of any real […]
July 8 Biotech Update
We end one macro crisis and head directly into another. China, however, is more important than Greece so this makes a little more sense but even this selling is likely overdone (but that does not mean it’s over). I am not sure there is any real biotech news, so I want to highlight one discussion […]
July 6 Biotech Update
A pretty quiet start to the week (at least in terms of bio news). Obviously we have all the Greek drama but despite fears of the worst, the opening was not too bad and stocks seem to be rallying with bios taking the lead. While it is way too early to read into the price […]
July 3 Biotech Update
This is the last note before the fourth and I wanted to spend time going into a new therapeutic space and highlight a new company (well, it is new to me but has already had a good run this year). I also wanted to wrap up the discussion from yesterday as the trading action is […]
July 1 Biotech Update
I am back from vacation and ready to get back into the sector. I planned on talking about the CGPR space today but I will push that back until tomorrow (but ALDR is on my radar to buy so do not be surprised if I start a position between now and tomorrow’s note but it […]
June 18 Biotech Update
The summer is seasonally weak, especially after the EHA and ASCO- right? I am not sure of the exact catalyst for the move today but it is certainly moving the sector higher (with the broader market as well). There was not a lot of news, so perhaps this is simply the end of the buyer […]
June 17 Biotech Update
Market doing a little better but biotechs seemed to take yesterday off despite the broader rally. The sector seems to be more positive today (there were certainly bright spots yesterday but in general the sector appeared to underperform). We are helped by some M&A, which goes with the speculation that developed yesterday. Again, the summer […]
June 10 Biotech Update
This is sort of a different start to the day with the market off to a good start but biotechs the obvious laggard. The sector had been one of the relative bright spots but now that the market is recovering, they are lagging. This seems more news related (discussed below) and we need to see […]
June 9 Biotech Update
The market continues to sell off with biotechs seemingly able to levitate but still weak this morning. Either the market is going to reverse in the near term or it is going to take biotech down with it in a large move lower. At least in the very near term, I think the market is […]
June 8 Biotech Update
The sector is quiet and macro seems neutral if not slightly negative but it is early. There is not a lot of news to discuss. I suspect that the trend is to sell biotechs early Monday morning when there is not a major buyout but once the fast money is out, we will get a […]
June 4 Biotech Update
The sector is not doing great but also not significantly pulling back (broader market is lower but also pretty choppy). The large caps appeared weak again and this is still something that we want to follow. The biggest underperformer was CELG and the news after the bell perhaps explains it but that seems like a […]
June 2 Biotech Update
ASCO is not quite over but my time in ASCO is over and now I am going to spend the next couple of days writing about what I think are both broad and more narrow company specific themes. Keep in mind that the sector usually sells off after ASCO but given the rising importance of […]
May 27 Biotech Update
Yesterday did not get any better and this is certainly not the start to the ASCO run up that the sector would want. That being said there was so little news yesterday, it is not completely surprising that the sector could not break free from the macro worries (Greece and dollar seemed to be the […]
