|Bid||77.38 x 800|
|Ask||77.44 x 1300|
|Day's Range||76.76 - 78.14|
|52 Week Range||73.97 - 101.55|
|PE Ratio (TTM)||N/A|
|Beta (3Y Monthly)||2.12|
|Expense Ratio (net)||0.35%|
One trigger was the arrest in Canada for extradition to the United States of the well-connected CFO of China telecom champion Huawei Technologies Co. because of that company's alleged evasion of U.S. sanctions on Iran. Contributing mightily to the recent volatility in the stock market is the rise of algorithmic trading -- basically, computer programs that trade instantly on the latest headlines. A respected fund manager on CNBC the other day stated that 80% of the trading volume in any given day is driven by these automated trading engines.
Shares of Revance Therapeutics Inc. were up 1.9% in premarket trade Tuesday after the company announced it had entered an agreement with Shanghai Fosun Pharmaceutical Industrial Development Co. to give Fosun exclusive rights to develop and commercialize Revance's botulinum toxin formulation RT002 in mainland China, Hong Kong and Macau. Under the licensing agreement, Revance will receive an upfront payment of $30 million and is eligible to receive up to an additional $230.5 million in future development and sales milestone payments, as well as royalties on future net sales. Shares of Revance have fallen 42% in the year to date, while the iShares Nasdaq Biotechnology exchange traded fund has gained 3.3%. The SPDR S&P Biotech ETF, which includes smaller biotech companies, has fallen 0.3%, and the S&P 500 has advanced 4.4%.
On December 3, Clovis Oncology stock closed at $19.08, which represents ~10.87% growth from its close of $17.21 on November 30. Clovis Oncology’s stock price grew from $11.63 at the close of business on October 31 to $17.21 at the close of the market on November 30, which reflects ~48% growth in November.
The decline in biotech stocks is more about investors fleeing a high-beta group in a risk-off environment.
On November 28, Acadia Pharmaceuticals (ACAD) stock closed at $20.53, which represents a ~20.76% rise from its close of $17.00 on November 27. On November 27, Acadia Pharmaceuticals announced a price of $17.00 per share for an underwritten public offering of 16,176,471 shares of its common stock. Acadia Pharmaceuticals’ net revenue in the first nine months of the year amounted to $164.2 million compared to $81.3 million in the same period last year.
Investor sentiment has now fallen prey to the stock-market equivalent of cardiac arrest. Sentiment is now so dead that it suggests the next leg of the stock market is up, in the contrarian sense. This ratio has spiked to levels frequently followed by rallies, says Doug Ramsey, chief investment officer of The Leuthold Group.
The problem today is that the market negative has been consistently negative for a while and even when there is a relief bounce, like we had on Wednesday, the strength is being used as an opportunity for reduction of long positions rather than a sign that a bottom may be forming. Overall breadth is running negative, with around 3200 gainers to 3600 decliners, and there are over 250 names hitting new 12-month lows. -- are still under pressure and the DJIA is at a recent closing lows.
Consider Gilead Sciences (GILD) and Celgene (CELG) for example. At recent prices of $70 and $75, they traded at market values that aren’t too far above the value of their operating businesses, according to discounted cash flow analysis by Jefferies biotech analyst Michael Yee and his team. Then add if they fall back to their “free pipeline” stock prices.
Biotechnology stocks and exchange traded funds have been slumping since last week's midterm elections and that could be an ominous sign. Ongoing weakness for the equal-weight S&P Biotechnology Select Industry Index benefits the Direxion Daily S&P Biotech Bear 3X Shares (NYSE: LABD). LABD, one of the most heavily traded leveraged biotechnology ETFs, aims to deliver triple the daily inverse returns of the S&P Biotechnology Select Industry Index.
Cara Therapeutics (CARA) is a clinical-stage biotechnology company developing new chemical entities for managing pain and pruritus. Cara Therapeutics reported EPS of -$0.52 on revenue of $2.87 million in the second quarter.
Earnings and U.S. midterm polls continued to positively influence biotech stocks, with the sector notching gains for the second straight week. These are some of the upcoming week's catalysts that could ...
On November 8, after Portola Pharmaceuticals released its third-quarter financial results, the stock price rose 21.41%. On November 8, Portola Pharmaceuticals stock price closed at $23.14, which was ~21.41% growth from its previous close of $19.06. On November 7, Portola Pharmaceuticals stock price closed at $19.06, which was ~2.80% growth from its previous close of $18.54. On November 7, the company hit its 52-week low of $18.18.
Stocks rallied Wednesday, a day after one of the most contentious midterm elections in U.S. history. In Tuesday's midterm elections, Democrats emerged with control of the House while Republicans maintained control of the Senate. Among the winning exchange traded funds Wednesday were biotechnology funds, including the SPDR S&P Biotech ETF (XBI) , which takes an equal-weight approach to the biotech space.
First, I see most buyers embracing the concept of gridlock from either the House going Democratic or both the House and Senate changing hands. It stands for a return to high growth because of what is expected to be a do nothing Congress that blocks anything President Trump wants. In a do nothing Congress we anniversary the tax cuts that pumped money into the system so that's gone.
Americans and investors have a lot riding on Tuesday’s midterm elections, but the health care industry in particular is hanging in the balance. On Monday, Height Capital Markets named four themes in the ...
Biotech earnings news flow accelerated in last week, with Pfizer Inc. (NYSE: PFE ) and Sanofi SA (NYSE: SNY ) among the noteworthy releases of the week. With the earnings news flow set to continue, these ...
Celgene’s (CELG) Otezla reported revenues of $432.0 million in the third quarter, a ~40.3% YoY increase. In the US and international markets, Otezla generated revenues of $348.0 million and $84.0 million, respectively, compared to $250.0 million and $58.0 million in the third quarter of 2017, reflecting ~39.2% and ~44.8% YoY growth. In the third quarter, in the international market, Otezla witnessed ~45.7% YoY operational growth.
Traders that were looking for a bounce play this morning got what they needed when the indices gapped down at Tuesday's opening bell. This time there was no pre-market recovery and there was actually another leg down when the first bounce attempt after the open failed. The price action was negative enough to finally produce the sort of wash-out that produces a tradable bottom.