The market had a rough day yesterday where the rally from the “lows” earlier in the week faded at the end of the day. That is never a good sign and at this point we need to ignore the gaps higher until they strengthen into the end of the day as opposed to fade. I […]
August 14 Biotech Update
We had the continuation yesterday only to fail later in the day. It is looking that this bounce might only be setting up another leg lower but it is clearly too early to have any confidence. That being said I would at least be prepared in case there is another leg lower as it would […]
August 10 Biotech Update
We are getting a spurt of IO collaborations this morning but no major news or M&A. After the sell off Friday (and come back), I would not be surprised to see that positive momentum continue this morning. Worst case scenario would be early strength and then faded all day. Best case, obviously, would be early […]
July 31 Biotech Update
Not a lot of news so I want to round out a couple of issues this morning and close it out for the week. I am finding it more and more difficult to note whether the sector is strong or weak, which makes me think the best description is choppy. Overall it seems like modest […]
July 28 Biotech Update
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 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 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 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 […]
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 15 Biotech Update
It is a macro world and we are just living in it. Sunday night we should have known this was going to be a bad start to the week with the two themes being Greece and the biotech bubble. Both themes are pretty trite but they are both negative headline risks. Outside of the headline […]
May 6 Biotech Update
Well, we finally get another deal and it is pretty telling how the sector reacted. Obviously there is a tailwind but it is not universal and we need to see how it plays out today. There is a tug of war going on in the market and sector and it is amazing that the same […]
May 4 Biotech Update
It is a decent start to the day with a positive open. The longer that we do not pullback the more pressure it will place on those who were short or in cash at the end of last week. My hunch is that a lot of investors were shaken out earlier in the week and […]
April 10 Biotech Update
A good opening to the sector and large caps but the move was almost immediately faded (especially the large caps). Yesterday ended better than the past, so perhaps the sector can recover and regain the lost ground but I still worry about this pattern of strong openings that are continually sold throughout the day. It […]
April 6 Biotech Update
I have not had a chance to follow the market last week, so I do not really have a sense how the sector is doing. It looks like it has been more of the same with weakness and large caps trudging along and unable to generate any real leadership. The sector is certainly lagging the […]
Biotech IPO’s hot in the first half of 2013
(jointly with Jason Chew and Juan Pedro Rodriguez Serrate) To say biotech IPOs have been hot seems like an understatement. The past year has been an open feeding frenzy for biotech companies looking to raise capital on the public markets. It would seem there is significant pent up pent up supply and demand for these […]
