Biotech stocks (SPSIBI) are up on average 2.4% on Monday, working to end March on a positive note. However, the sector will still be down about 15% on the month.
Early Monday morning, CNBC interviewed James Kolbert, head of health care research at Maxim Group, who said the most recent sell-off in the sector is not justified as a broad range of new drugs are coming. He sees a 'paradigm shift' in approval rates from the FDA based on a number of positive changes in the industry. He suggests investors should have biotech exposure.
Recent news that a Congressional letter sent to Gillead Sciences ( GILD ) questioned the pricing of the $1,000 hepatitis C pill Solvaldi added to selling pressure in the group over the past week. GILD is participating in the sector gains though on Monday, last up 3% at $70.60 per share.
Among the Biotech stocks advancing the most in midday Monday trade are:
BHRT + 14.6%
ASTM + 11.6%
GEVA + 10.2%
EXAS + 6.9%
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