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Why Biotech Stocks Will Continue To Reach Record Heights

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Why Biotech Stocks Will Continue To Reach Record Heights

Mott Capital Management, Michael Kramer

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Biotech stocks continue to rip higher, with the S&P Biotech ETF ($XBI) reaching a new record high, and the Nasdaq Biotech ETF ($IBB) quickly running to $122.

The XBI is now up by over 12 percent on the year, while the IBB is up about 10 percent, and the rally in both appears likely to continue. The IBB has little if any resistance standing in its way, until $122.

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When looking at the components of the XBI, we can see that only three stocks out of the top 25 are down so far in 2018. While the big gainers have obviously been Juno and Bioverativ, others such as Loxo Oncology ($LOXO), Array Biosciences ( $ARRY), and Radius Health ($RDUS), have all jumped by over 20 percent.

Gilead

While the big names like Gilead ($GILD), Biogen ($BIIB), and Amgen ($AMGN) are not among the big gainers, they are putting together solid years. Gilead has jumped by roughly 13 percent and appears poised to continue to rise.

The chart below shows how Gilead shares cleared a critical resistance level around $80, and that could set the stage for a rise towards $90.

Amgen

Amgen shares have also surged to record highs as well and likely has more gains ahead as well. Plus it will now have strong support around $191 to $192 going forward.

amgn

Biogen

Biogen shares are nearing a massive breakout, one which could send the stock much higher, with the potential to rise to all-time highs. A rise above $355  sets the stage for the breakout. The company is set to report results on January 25, before the open.

biogen

Acadia

Even shares of struggling Acadia ($ACAD) are breaking out of a multi-month down trend, and what appears to a firm double bottom now in place, perhaps we can see this stock have a multi-year breakout, should it share price rise above $34.

acadiaWith M&A coming back to the front center, the biotech stocks are starting to see life again.

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Michael Kramer and the clients of Mott Capital own shares of ACAD, CELG and ALKS

Mott Capital Management, LLC 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. 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 #stocks #acadia #celgene #amgen #biogen #gilead #loxo #array #radius