Life Science Stocks Are Mixed-Biopharma Weak But Diagnostics Strong
The life science sector traded along with NASDAQ today so as the NAZ sold off (tech stock weakness) biotech followed. The IBB (181.51) off 0.58% could not regain momentum as of mid-day trading after a 3 day rally. Profit taking was evident in some larger cap biopharmaceutical stocks: Alkermes (NASDAQ:ALKS), Alexion (NASDAQ:ALXN), Biogen Idec (NASDAQ:BIIB), Biomarin (NASDAQ:BMRN), and Regeneron (NASDAQ:REGN) but there were many movers in mid caps with more than half of the 50 stocks we track green. High flyers of note among mid-caps are Celldex (CLDX) down 4.4% and Sarepeta (NASDAQ:SRPT) up 4% both on high volume.
A Few Big Winners Today -AACC Coming Up At End of Month-DX Sector Seasonal Strength
Response Genetics (NASDAQ:RGDX)
Response Genetics (RGDX) soared on good volume with news that it executed a contract with Blue Cross and Blue Shield of Illlinois so that oncologists and pathologists affiliated with the plan can offer the Company's predictive suite of molecular tests for cancer.The stock is thinly traded but hit a YTD high today up 14%. We added the stock at $1.50 in 2012 and reiterated at $1.10 earlier this year.
Quidel (QDEL) briefly hit a new high today at $28.51 on news today that it received FDA clearance for its Sofia Streptococcus A test FIA Test. Revenues are expected to grow to $183M in 2013 with an EPS of $0.37.We added the stock to the Rayno Life Science Portfolio at $14.40 in June 2010.
Other Rayno Diagnostic in the green today are Abaxis (NASDAQ:ABAX)-2013 high, Alere (NYSE:ALR), Qiagen (NASDAQ:QGEN), Sequenom (NASDAQ:SQNM), Thermo Fisher (NYSE:TMO) and Vermillion (NASDAQ:VRML). Many of the diagnostics and tools stocks should perk up with news prior to and during the AACC Meeting in Houston July 28th.