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 […]
May 22 Biotech Update
Yesterday sort of followed the potential new pattern of gaining strength throughout the day but volumes were a little low as we approach the holiday weekend. I suspect today will be even worse, so I will refrain from making any real interpretations of the moves given the lack of volume. 1. There is a lot […]
May 21 Biotech Update
It is a similar start to the trading day with the market sort of flat with the sector a little lower (with notable exceptions which will be discussed below). It was encouraging yesterday that the sector got stronger throughout the day. We were stuck in a pattern with gap higher in the morning and then […]
May 20 Biotech Update
The market was off to a benign start but the sector seemed to take it on the chin (albeit on generally light volume). I am not sure why the selling to start the day as we generally seemed to have some positive news after the bell last night. I do not think it will accelerate […]
May 19 Biotech Update
A mixed start to the morning with some red and green. It seems to me that the market generally wants to move higher but no one seems to have high conviction with that move. I am like everyone else looking for the next shoe to drop and not really trusting the rally. That very well […]
May 18th Biotech Update
The sector seems to be treading water this morning if not slightly outperforming the broader market. There seems to be a tug of war of wanting to be positioned into the potential run ups into ASCO (and EHA) and potential deal flow but the fear of being the last one holding when the sector corrects. […]
May 12 Biotech Update
The sector is being hit this morning, although it is really the market that is weak and taking the sector with it. Yesterday the sector did a good job holding up despite the weak market and hopefully we can extend that relative strength but the early selling seems broad based. Ideally we would like to […]
May 11 Biotech Update
It is a good start to the week which is interesting as we have little news and a lack of M&A. I was curious as to how the sector would respond if we did not have any more M&A announced this Monday and the answer is pretty good. I think that is a bullish signal […]
May 8 Biotech Update
I wish I had more time to write this week but it has been too busy. The sector is obviously doing well and perhaps we have bottomed but at the very least we are set for a relief rally. Perhaps if we can get some additional M&A Monday it will spark a nice rally into […]
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 5 Biotech Update
So clearly the strength later in the day did not play out yesterday and it ended up being yet another day with a strong open and a move that was faded all day. This selling carried over into this morning but perhaps this move will be faded as well. The sector (and market) are stuck […]
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 […]
May 1 Biotech Update
What a difference a day makes. Yesterday nobody wanted to buy a biotech and there was nothing that could ever happen that could reverse the selling. A giant GILD beat was expected and would only lead to more selling. A funny thing happened along the way to the proverbial park. Obviously the selling has been […]
April 29 Biotech Update
This has to be a quick note as this morning is busy but clearly the market is teetering. The bounce this morning is nice but we need a lot more than a bounce to really make a believer out of investors. The silver lining is that the volume on those down days was very high, […]
April 28 Biotech Update
So it ended up being a bad start to the week with a significant drop straight down to support with follow through early this morning. The sector seemed to find some support at support levels yesterday but it felt tenuous. Keep in mind that we have yet to have the big scary correction this year […]
April 27 Biotech Update
The sector has to deal with both some negative headlines and the lack of any deals on Merger Monday but it is difficult to read too much into the action this morning as we are going to get a lot of earnings this week. So I would wait and see how we are at the […]
April 24 Biotech Update
Some news to talk about today with interesting implications and I will try to cover most of them. The sector seems to be lagging early despite some business development news but we also had a big miss by BIIB that might be acting as a headwind (the M&A rumor seem to save the day so […]
April 22 Biotech Update
Another busy day so I have to keep this very short as I am trying to squeeze this in between meetings. In general, the sector seems to be doing fine and modestly outperforming the market. It remains to be seen if this is a sustainable move or whether it is a bounce from new M&A […]
