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Biotech stocks just took another step higher, clearing its latest hurdle. The Nasdaq IBB ETF today broke above the $320 level, moving higher by about 1.5 percent. The next resistance level takes the ETF to around the $340 level from here.
The breakout seems significant and its is spilling over the names within the group. You can see in the table below there are only 3 stocks that are lower on the day.
(Data compiled using Ycharts)
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Michael Kramer is the Founder of Mott Capital Management LLC, a registered investment adviser, and the manager of the company’s actively managed, long-only Thematic Growth Portfolio. 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. Upon request, the advisor will provide a list of all recommendations made during the past twelve months. Past performance is not indicative of future performance.