Incyte Corporation
Delayed Nasdaq - 09/21 10:00:03 pm

Biotech struggles as 2Q opens

Envoyer par e-mail
04/09/2018 | 10:52 am

Biotech began the second quarter on a sour note, closing the week in worse shape than the broader market. The SPDR S&P Biotech ETF (XBI), NYSE Arca Biotechnology Index (BTK), NASDAQ Biotechnology Index (NBI) and the BioCentury 100 each lost more that 5% during the week. Over the same period, the NASDAQ Composite fell 2% and the Standard & Poor's 500 index and the Dow Jones Industrial average slipped about 1% each.

On Friday, the BTK, NBI, XBI and BioCentury 100 each shed about 3% as a Phase III miss by Incyte Corp. (NASDAQ:INCY) dragged down multiple immunotherapy stocks, including NewLink Genetics Corp. (NASDAQ:NLNK), Nektar Therapeutics (NASDAQ:NKTR) and Syndax Pharmaceuticals Inc. (NASDAQ:SNDX).

The Dow, NASDAQ and S&P500 each slid about 2% on the final trading day of the week.

This week's roller-coaster ride follows a volatile March that wiped out first quarter equity gains across the board; however, a dozen investors who spoke to BioCentury for its 2Q18 Financial Markets Preview are reveling under conditions they say favor stock picking (see BioCentury, April 6).


(C) 2018 M2 COMMUNICATIONS, source M2 PressWIRE

Acquiremedia 2018
Envoyer par e-mail