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Rod Raynovich
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Rod Raynovich is an entrepreneur and executive with a focus on life science companies and medical technology trends.He has over 30 years executive experience including Abbott and JNJ and has been involved three successful start-ups. He has a B.S, from Penn State University and an MBA from... More
My company:
Raygent Capital
My blog:
  • Biotech Sell-Off Resumes: Caution Update 4/4 0 comments
    Apr 4, 2014 12:16 PM | about stocks: XBI

    Update 4/4/14 Breach of Technicals-A Tad Below Early February Support

    Glut of Biotech IPOs Causing Indigestion?

    Momentum Days Are So Over

    NASDAQ Down 1.34%

    The volatile and speculative SPDR S&P Biotech XBI hit $136 in early trading down 2.28%. After a brief rally early this week to the $148 level volume picked up with sellers. The IBB ($230.94) focused more in larger cap biopharmas is also down over 2% and is now only up 1% YTD after hitting a FEB 25 high of $273. Another red screen day with many widely held stocks down 3%. Abbvie (NYSE:ABBV) and Bristol Myers (NYSE:BMY) are holding the green.

    Red Screen after Three Day Rally-February Lows Still Holding

    Many widely held biopharmaceutical stocks are down today as NASDAQ turns negative down 0.38% or 16 points. Here are selected quotes as of 11 am EDT:

    Aegerion (AEGR $42.56) down 4%

    Alexion (ALXN $150) down 2.9%

    Celgene (CELG $143.70) down 2.5%

    Gilead (GILD $72.60) down 1.87%

    IBB ($235) down 2.73%

    Illumina (ILMN $151) down 3.53%

    Incyte (INCY $52) down 4.3%

    Seattle Genetics (SGEN $42) down 4%

    Vertex (NASDAQ:VRTX) down 3.83%

    XBI ($139.26) down 3.57%

    (click to enlarge)

    Disclosure: I am long GILD, ABBV.

    Additional disclosure: Long FBIOX Fidelity Biotech and short XBI as a hedge.

    Stocks: XBI
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