Volume and news is starting to dry up but there were some interesting tidbits to talk about but they are more interesting than really game changing. In any case, we are quickly approach the holiday lull but on the positive side that means we are closer to the JPM rush of news. 1. CLLS reported […]
November 13 Biotech Update
Another week and another noticeable lack of M&A. At this point, we are so use to nothing happening that it seems like a normal week (which it is). Even though I enter every week with the expectation that nothing will be done, it still surprises me that the large caps that are getting destroyed because […]
October 13 Biotech Update
More of the same with winners drifting higher in the sector and losers drifting lower. I had hoped that volume and interest would have picked up this week but it is looking more and more like we will need earning season and the conferences to drive any sort of interest. Luckily both are fast approaching. […]
October 10 Biotech Update
I was in my office yesterday to write but there is really nothing happening in the sector that is exceptionally newsworthy. I was hoping we would have some news today but it looks like we are in a bit of a lull. The good news is that it will not last too much longer as […]
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 […]
June 1 Biotech Update
The sector sort of had some positive news yesterday with TSRO putting itself on the proverbial block. This obviously moved TSRO and sector as it reminded people that good things might happen as well. Given that this was meaningful for the sector (and the lack of other news) I want to focus on a couple […]
May 3 Biotech Update
I missed yesterday at home with a sick child. I need to catch up a little on what I missed but I wanted to follow up on the GILD quarter as it is an interesting case for a number of reasons. 1. The revenues were awful. Just about every part of the GILD business is […]
April 26 Biotech Update
Today is the eye in the center of the storm with a number of earnings tomorrow. It might also be the eye in the center of the North Korean crisis as Trump is meeting with all of the Senate and House to discuss the situation. If we can get through the next couple days without […]
March 15 Biotech Update
The PARP wars have ramped up with the AZN data. This was important data for the PARP wars but sort of important for the sector more broadly as this is a new class of drugs that seemingly has an impressive impact on the lives of patients. I think the PCSK9 data later this week are […]
February 22 Biotech Update
A little bit of news since yesterday and I will focus on them but more broadly the sector seemed to struggle yesterday. It had been outperforming so a day of relative weakness is not unexpected but was certainly a sell biotech and buy everything else sort of day. Let us see if that pattern continues […]
February 17 Biotech Update
Some news to talk about today in a couple stocks and one idea I want to float that has been ruminating in my mind. The sector continues to do well as is the market in general. There has been some talk that the melt up is related to a massive synthetic short position in the […]
February 15 Biotech Update
We have some additional news yesterday but nothing that is necessarily positive for the sector. It certainly rallied in the afternoon and I suspect there is enough juice left for that to continue. Of course, we are only one tweet away from a pullback but I guess that is true of every sector and stock. […]
February 10 Biotech Update
So I think we need to be prepared for some more backlash and bad press given the decision by Marathon to think it is business as usual. So far the backlash has been isolated but it is difficult to see this not become a political talking point. 1. Marathon licensed an old, generic steroid (DFZ) […]
January 31 Biotech Update
We had some earnings but the real potential mover of the sector is the meeting this morning with Trump. The headlines are still early but it looks like a net positive for the sector but we will see how it is interpreted. If history repeats these meetings tend to see some minor announced concession in […]
January 30 Biotech Update
Volatility is the name of the game with the daily flow of disruptive executive orders coming out of Washington but despite this the VIX has been going down and the market in general has been holding up well. At some point this disconnect will correct and it will not be a simple gap down (or […]
November 15 Biotech Update
The initial move from the election seems long in the legs and perhaps is ready to pause. We have seen a couple of companies do secondaries, which is a perfectly rational and reasonable response. It has been an awful environment to raise cash, so many need cash and this is a nice time to refill […]
November 1 Biotech Update
We have more of the same with basically solid fundamental reports but certainly not perfect and I suspect it will lead to another day lower with the outperformer that will likely fade tomorrow. Despite heading into earnings season with low expectations, awful sentiment, and a large sell off, the market has chosen to focus on […]
September 26 Biotech Update
Nothing really to move the sector to start the week, so it looks like we sell off with the rest of the market. This price action does not change my thesis that the sector’s path of least resistance is higher for the rest of the year but given the run we do likely need news […]
September 19 Biotech Update
Another slow news start to the week. Without anything positive or negative to drive trading, I suspect we generally move with the market with perhaps some modest outperformance. The trend for the sector has been positive and there is nothing since Friday that should change that underlying tailwind. {Note that is what I wrote before […]
August 24 Biotech Update
Sector is doing well in essentially a flat market, although volumes generally remain low. It is the summer doldrums so the sector is not unique for low volumes. We have some interesting news to talk about and while I am not sure they are moving the sector, they certainly could be contributing. 1. CLVS reported […]
