Biotech stocks have been buoyant in recent sessions, as reflected by the iShares NASDAQ Biotechnology Index (NASDAQ: IBB), which traded higher for the fourth straight week. The year-end rally that's powering the broader market upside is partly responsible for the upside.
As the year tapers to the close, a look back shows a decent number of new molecule entity approvals and record M&A activity. Big pharma stocks continue to trade at or near the year's highs.
In the upcoming year, stock selection will play a pivotal role, as fears surrounding drug pricing and elections wane, Morgan Stanley said in a recent note.
The FDA is set to rule on Correvio Pharma Corp's (NASDAQ: CORV) NDA for Brinavess, or vernakalant HCl in intravenous formulation, an antiarrhythmic drug that's being evaluated for the rapid onset atrial fibrillation to sinus rhythm for non-surgery patients.
The PDUFA action date is planned for Tuesday. A FDA panel, which met Dec. 10, voted against approval of the drug.
Intra-Cellular Therapies Inc (NASDAQ: ITCI) awaits FDA verdict on its schizophrenia drug Lumateperone, with the decision expected Friday.
Several catalysts, including clinical readouts and NDA/BLA filings, with the timeframe of fourth quarter/December could play out over the next week.
Minerva Neurosciences Shelves Depression Drug Study After Failed Mid-Stage Trial
8 Biotech Stocks Morgan Stanley Recommends For 2020
See more from Benzinga
- The Daily Biotech Pulse: Axovant Surges On Gene Therapy Study Results, FDA Approves Merck's Ebola Vaccine, Abeona Announces Offering
- The Daily Biotech Pulse: Seattle Genetics' Bladder Cancer Drug Gets FDA Nod, Paratek Wins Contract For Antibiotic
- The Daily Biotech Pulse: Positive Adcom Verdict For Merck, Homology Medicine Slips On Mixed Gene Therapy Efficacy Data
© 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.