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 7 Biotech Update
There is a little more news today but still relatively quiet. The market seems to be looking for a direction but the sector seems to be outperforming to the upside. Yesterday was certainly better than expected but it also did not end in an exceptionally bullish manner. That is why I still think the market […]
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 16 Biotech Update
The market is quite resilient. While we did not get a full reversal yesterday, the market came back and biotechs seemed to outperform. This morning is off to a good start as the late day move is getting some follow through (but was quickly squashed as we seem once again bound in a range). Of […]
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 […]
June 12 Biotech Update
The market is not happy this morning and it is not immediately clear as to the “cause.” This is taking the sector down, especially some of the recent fliers. The summer is generally not a great time for the sector and we have had a lull in M&A, so it could be time for a […]
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 5 Biotech Update
Not much going on except broad and general selling (at least early). It seems like we are in one of those bizarro times where good economic data are bad for the market because it makes rate increases appear more likely and sooner. This action tends to be temporary as expectations for rate hikes can change […]
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 3 Biotech Update
Yesterday was not a great day for the sector with reports of a large sell program in large caps and from what I saw that makes sense. None of the large caps really seemed to rally and every move higher was met with selling. SMID did a little better but we still likely need the […]
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 […]
May 26 Biotech Update
What a bad start to the week and by bad I mean slow. The only sound we heard this morning was crickets. Nothing to move the sector in terms of data and nothing on the M&A front (perhaps this is the calm before an ASCO storm). Given the dearth of news and a negative broader […]
