The sector has been dragging for a little. Not really bouncing from the recent selling but also not accelerating to the downside. I still have no real conviction whether or not the next move is another leg lower or a bounce from here. I do have the conviction that even another leg lower does not […]
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November 27th Biotech Update
There is really not a lot to talk about. The news coming out of the holiday is pretty slow. I will keep this short as we continue to setup the end of the year. It will be interesting to see what happens with the competing pressure in the sector with some tailwinds as rates seem […]
November 16th Biotech Update
It looks like we are breaking above the recent high and are setting up the potential of an actual uptrend. I would be cautious as we have been disappointed before, but this is about as good the sector has looked in a while. The gap between the sector performance and the broader market is very […]
October 30th Biotech Update
It was not a great end to last week and it looks like we are going to be getting to that $62 level sooner rather than later. I still sort of worry that we have not had a panic move but perhaps we are setting ourselves up that move this week. In any case, $62 […]
October 23rd Biotech Update
The market is not doing well with rates moving higher still and we all know what that means for the sector. It looks like yet another day with generally positive news in the sector and yet we will not be able to move higher. I feel like we are at the stage where everyone is […]
October 9th Biotech Update
We had a decent end to the week in that we rallied a little but I still think as long as we stay under $75 it is nothing more than a rally that resets the oversold conditions. With a new war in the Middle East and one that has uncertainty as to the potential to […]
June 22nd Biotech Update
Incremental. That would be the word I use to describe the action in the sector outside of the big down day earlier in the week. I do not read this as necessarily bad as there has been ample opportunity to accelerate the move lower given we are hanging out at these levels but that follow […]
March 13th Biotech Update
Quite the start to the week and it would be quite disappointing if all the news does not get at least a snap back rally in the sector but there are a lot of moving parts. We have both major macro news as well as sector (and portfolio) news and I will cover them on […]
November 30th Biotech Update
Are we setting up for the Santa rally? It would be a nice way to end the year and perhaps kick off early next year with a strong JPM. I think we are getting closer to the end of the rate hike cycle and if we think the market is typically 6 months ahead then […]
November 22nd Biotech Update
Not the greatest start to the week but I have a hard time reading too much into this week’s trading. I did notice that large caps outperformed SMID and that has been my theme for a little bit. I still think investors come back into biotech first through large caps and in some ways the […]
March 30th Biotech Update
The sector has had a good start to the week but we are not getting the big positive news that could really amp the move higher. As I noted the idea scenario would be this positive momentum to coincide with some sector meaningful positive news but not yet. This is not to say it is […]
March 17th Biotech Update
The stalemate in Ukraine likely remains good for the market. I am not convinced that the stalemate can last for months but it is more likely a week or two hiatus. As long as it looks like escalation is not happening or at risk of happening then the market looks the other way. Of course, […]
December 21st Biotech Update
The sector is really trying to confuse me. I thought the least likely scenario was going to be a green day for the sector and a red day for the market and the second least likely would be a red day for the sector and green for the market. It seemed to me that they […]
August 4th Biotech Update
I have to say yesterday was pretty disappointing. We finally get some M&A and while it is not massive it is in a hot therapeutic modality and the sector trades lower. One would have thought that would have been enough to at least get a little rally if not something more meaningful. Perhaps it is […]
February 25th Biotech Update
We got what we needed to start a bounce in the sector but it has to be followed through today otherwise it is simply a bounce that reset oversold conditions, which allows for more downside. We are at support levels that should be good enough to generate a little bounce (at least), so I lean […]
November 2nd Biotech Update
This is the literal calm before the storm. The election is tomorrow and the adu AdCom is Friday. Plus, we still have a number earnings coming this week as well. Even with all of that news the week starts off with basically nothing that meaningful so there is not much to say. That is not […]
August 17th Biotech Update
Hopefully, it was not a sign that my week starting with stepping barefoot into a pile of what I knew was either dog vomit or diarrhea and then having to figure out which it was and then clean it up. It did not get any better with TD Ameritrade being down. So how the market […]
July 29th Biotech Update
It has been a little while but I am back and it seems like I have not missed a ton of news despite it being earning season. The sector has more or less chugged along but seems a little heavy at this point. It is not clear to me whether it is the sector or […]
May 26th Biotech Update
The week is off to an optimistic start and it is not clear to me the exact reason. Perhaps it is more optimism about vaccines or a belief (hope) that the re-opening will not lead to a new spike in cases. We do know that there seems to have been a massive increase in retail […]
