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Biotech Stocks Monster Bounce Back, Plus Micron, Lam, Rates, and Oil
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If you aren’t investing in Biotech, then you aren’t living. Yesterday, biotech stocks were getting smashed, and today was like yesterday never happened. Today the S&P SPDR Biotech ETF (XBI) climbed by over 2.5 percent, and the NASDAQ Biotech ETF rose by nearly 2 percent. Believe it or not, the two ETF’s are trading at levels higher than where they started the day yesterday. Go figure. You can’t make this stuff up.
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It is worth noting that many of the stocks we mentioned yesterdays suchย as Neurocrine ($NBIX), Exact Sciences ($EXAS), Clovis ($CLVS), Amicus ($FOLD), and Exelixis ($EXEL) did not recover theirย losses. Because those stocks fell on fundamental reason, and while the charts for each still look intact, they do have further downside risk.
Nektar
But there were plenty of big winners, today with Nektar ($NKTR) for one surging by nearly 19 percent. Have you seen the chart of this thing? Wow! It is up 191 percent since November 1, a company with valued at almost $11 billion market cap. I’m sorry, I wish I knew more about this business, but I don’t. Maybe someone could shed some light on it?
(Data compiled using Ycharts)
Bioverativ
Bioverativ ($BIVV) jumped by nearly 7 percent. Cowen raised its price to $100 from $80, noting the company’s 2017 preliminaryย results, and 2018 guidance. Technically the stock looks like it has officially broken out, but be careful here, the market loves to play the game of fill the gap, and that means the stock could give back the gains to $56.50, before resuming its upward trend.
Alkermes
Alkermes shares jumped by over 5 percent today after the CEO was on a show called Mad Money with some other guy named Cramer (humor, it is ok to smile or chuckle). The stock looks like it trying to break out here, and it has plenty of things in the pipeline in 2018 to come.
On-Demand Content
In the premium video today, I talk about why the biotech sector’s hot run is not over yet, and two biotech stocks I like in 2018.
Tesla Stock Escapes From Model 3 Disaster โ Premium Content
Apple iPhone Shipment Maybe Better Than Feared
Why Biotech May Outperform In 2018ย
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Micron
Micron shares just don’t look appealing here, after that monster beat and excellent guidance. The stock has struggled mightily to break out, and again it failed at $47. I have said this before, and I will repeat it, $40 is critical to this one. Break $40 and lower the stock shall go.ย
Lam Research
Lam Research ($LRX) has performed well, and has solidified around support at $185-86, and is starting to make a nice move higher. The stock for now looks like it has broken a downtrend, with rising volume and rising relative strength, an increase towards $220 seems likely.ย
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Oil
In my ten predictions for 2018 coverage, I said Oil was heading to $75, and today it got one step closer. The commodity broke out rising comfortably above $62. There is no resistance between here and $75.ย
10-Year
I also predicted 10-year rates would climb to 3 percent, well that just had a massive breakout also today.ย
That is, until tomorrow.
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Mott Capital Management, LLCย is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein.ย Upon request, the advisor will provide a list of all recommendations made during the past twelve months. Past performance is not indicative of future.
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Tags: #biotech #exelixis #nvidia #neurocrine #amicus #XBI #IBB #ALKERMES #LAM #micron #nektar