Sector Update: Biotech Stocks Looking Strong As NASDAQ Struggles


Biotech stocks are up on average 0.8% today versus the NASDAQ which is fractionally down and struggling to reach positive territory. Year-to-date the biotech stocks (SPSIBI) have experienced a near 50% increase, better than the NASDAQ's 30.45% move.

Among the major biotech stocks seeing the best gains are XOMA Corp ( XOMA ), up near 13% and near 52 week highs on heavy volume of 3.3 million shares versus a 30 day 1.35 million average daily volume. The Motley Fool said Friday that XOMA could be "in for a big post-Thanksgiving move today based on news that the biotech-focused hedge fund Baker Brothers has been snapping up the company's shares as of late."

The XOMA comments appear in an article entitled "Keep an Eye on Ariad Pharmaceuticals, AstraZeneca, and XOMA Today".

Also, Acadia Pharmaceutical ( ACAD ) is up 6.5% today. The company is expected to be represented tomorrow at The Piper Jaffray 25th Annual Healthcare Conference and next week at The Oppenheimer 24th Annual Healthcare Conference on Tuesday, December 10, 2013.

DYAX Corp ( DYAX ) is up more than 3% and its highest levels since 2004 as the company is expected to participate today and tomorrow in the Deutsche Bank BioFEST Conference.

Merrimack Pharmaceuticals ( MACK ) is more than 6% as the company announced on Friday positive trends from two phase II studies evaluating MM-121 for the treatment of breast cancer.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

Referenced Stocks: ACAD , DYAX , MACK , XOMA

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