The sector and market rallied nicely on the GDP but I am still not convinced that we have an all clear. It was especially disconcerting how quickly the market gave back a lot of the post GDP print gains. Of course, there are still values out there and no reason to sell and run for […]
July 24 Biotech Update
A busy day in the sector and I want to highlight some broad themes and then perhaps revisit with details where appropriate in the next day or two. In general, the earnings are pretty much in line and do nothing to dampen the growth stories of the large cap biotechs. The stock action so far […]
July 28 Biotech Update
Earnings season is off to a good start with both a nice quarter from BIIB and the positive phase III data from PBYI. It is encouraging that good news is being rewarded but the key is going to be how well this spike maintains over the next days and weeks. Given the positive pin action […]
July 22 Biotech Update
Today and tomorrow are more of the same in that we seem to be in a holding pattern for the large cap earnings. So I will keep this short and sweet as there is not really a ton to talk about. As I have noted before, the reaction to the earnings is going to be […]
July 21 Biotech Update
It was a quite start to the week with the markets a little weak, which is probably more related to macro concerns than anything specific to the market. This is not to say that valuation concerns do not exist but I still get the sense that the Ukraine and Gaza are keeping investors on edge […]
July 14 Biotech Update
It was a mixed day in the market as the broader market seemed good but biotechs seemed more mixed. I am not sure these is much to make out of it as the key over the next couple of weeks will be earnings (at least for the larger biotechs) and then once we get through […]
July 11 Biotech Update
Despite a weak macro market, biotechs actually performed pretty well yesterday. That was a surprise albeit a pleasant one. Clearly biotech has its mojo back as three or four months ago, the sector would have been down 5% on a day like yesterday. I have been talking about reactions to earnings as a signal about […]
July 7 Biotech Update
So a relatively weak day in the markets but really nothing much going on and it seems more like another day of the summer doldrums. I think the vast majority of days are going to be like this with some to the upside and some to the downside. At some point, there will be some […]
June 11 Biotech Update
Another relatively slow summer day in the market in terms of trading but the sector seemed to outperform the broader market. Even with that marginal outperformance, I would not read anything new into in that I still believe that the macro is going to drive the next move. That being said I would not be […]
June 10 Biotech Update
Yesterday was a busy day and ended up being a little crazier than I planned but I am not back in the office and ready to think about some biotech. I did not have a chance to check the market yesterday so I am not sure how it traded but it seems like it is […]
June 6 Biotech Update
Today was the first day in a little while that the sector seemed noticeably weaker than the broader market. Perhaps this is simply natural variability, perhaps it is simply a slow trading day with random price action, or perhaps it is an early warning signal for a broader market correction. What seemed interesting is that […]
May 23 Biotech Update
I expect today is going to slow dramatically as people get ready for the long weekend. As such, I want to get this out as early as possible to catch everyone. That being said there are a couple of things I want to touch on before the weekend. 1. How times for changed for GILD […]
May 15 Biotech Update- The ASCO Deluge Begins
So there is a lot to talk about with the ASCO abstracts and I will divide this up over a couple of days (I am trying to write quickly to get this out so excuse typos and poor grammar for the next couple of days). In general, I think the sense is that these are […]
May 8- The Biotech Draft
While there are some stock specific pieces of news, I want to do something a little different today in honor of the NFL draft. I am going to draft my top 10 stocks. This is assuming that I have no positions at all, so this is not what I would be buying now but if […]
May 6 Biotech Update- The Slow Week Cotinues
It was another pretty blah day in biotech land. I guess this is making up for all the news we have had the past couple of weeks. As I expected, the biggest news of the days is MRK business update (you can download the slides here) and the early verdict is that they are making […]
April 30 Biotech Update
It is not Tuesday so the selling continues. It seems like the turnaround Tuesdays happen but have no sticking power. At some point that trend will change and that should be an important tell. Whether that happens today or in a couple of months is not clear at this time but as long as the […]
April 25 Biotech Update- Approaching a Decision Point
The sector has not particularly strong the past couple of days but neither has it come close to reaching new lows. We had a very strong start to the week, so it is only natural that part of that move needs to be retraced. The question is how much. If we are able to put […]
April 23 Biotech Update- Shooting Out of the Earnings Gate
This was a relatively slow news day (compared to yesterday and Monday) but there is still a lot to talk about with the large cap earnings. The sector did not responsd great but it is still early and I want to see how it closes before judging this reaction. In addition, the market backdrop was […]
April 22- Building Some Momentum
Everyone loves biotechs again. Has the bottom been put in? Perhaps but there was a lot of damage done to the sector, so I would remain selective on buys and not chase any of these early moves. That being said the coast is likely clear for the near term assuming that the large cap biotechs […]
April 11 Biotech Update- The Beating Continues
Well, there is not much to say about the market and sector other than selling is in vogue and there does not seem to be a clear catalyst that could change the tone of the market. I would also remind you that the apparent catalyst of this negative turn (pricing letter from Congress to GILD) […]
