The biotech industry’s surge in 2013 seems to have cooled in recent weeks as the sector has been hit by a broad slump in the markets. The SPDR S&P Biotech ETF (NYSEARCA: XBI) and the iShares NASDAQ Biotechnology Index ETF (NASDAQ: IBB) have posted declines of 3.65 and 4.04 percent in the past week. Federal Reserve Chairman Ben Bernanke’s comments hinting that bond purchases may be scaled back later this year sent markets sliding sharply this past week. Although it may not have a major effect on the Biotech sector in the long run it has made investors more susceptible to news triggering them to take gains or cut losses.
Biogen Idec Inc. (NASDAQ: BIIB) shares traded in the range of $194.66 to $202.98 Friday before settling to close at $199.07, a decrease of 0.25 percent. The stock appears to be facing some resistance at $203.30 with some support at $198.02. Citigroup has recently downgraded the company’s rating to “neutral” from “buy”. Shares of Biogen Idec have fallen approximately 6.1 percent in the past week.
More information on Biogen Idec and access to the free equity report can be found at: www.WallStreetFundamentals.com/BIIB
Medivation Inc. (NASDAQ: MDVN) shares traded in the range of $44.51 to $46.98 Friday before settling to close at $46.88, an increase of 3.69. The stock appears to be facing resistance at $47.58 and $48.69. The company fell sharply after Johnson & Johnson acquired Aragon Pharmaceuticals, whose prostate cancer drug ARN-509 is considered a potential competitor to Medivation’s Xtandi. Shares of Medivation have fallen approximately 6.3 percent in the past week.
More information on Medivation and access to the free equity report can be found at: www.WallStreetFundamentals.com/MDVN
Novartis AG (NYSE: NVS) shares traded in the range of $69.23 to $70.23 Friday before settling to close at $69.60, a decrease of 0.59 percent. The stock appears to be facing resistance at the $69.98 and $71.07 levels. The company has announced that the FDA has granted Breakthrough Therapy designation status to RLX030 (serelaxin). Shares of Novartis have fallen approximately 4.2 percent in the past week.
More information on Novartis and access to the free equity report can be found at: www.WallStreetFundamentals.com/NVS
Regeneron Pharmaceuticals Inc. (NASDAQ: REGN) shares traded in the range of $212.82 to $226.00 Friday before settling to close at $215.47, a decrease of 1.89 percent. The stock appears to be facing resistance at the $216.76 and $221.28 levels. The company surged earlier this month after reporting positive top-line results for EYLEA Injection from the Phase 3 MYRROR study in myopic choroidal neovascularization. Shares of Regeneron Pharmaceuticals have fallen approximately 9.1 percent in the past week.
More information on Regeneron Pharmaceuticals and access to the free equity report can be found at: www.WallStreetFundamentals.com/REGN
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