US biotech stocks up fourth-straight day on cancer treatment advancements
Companies continue to outperform broader healthcare sector
Gilead Sciences is among the top gainers in the S&P 500 Health Care, on plans to buy Kite Pharma, currently developing immunotherapy treatment to compete with CAR T, according to a report from Bloomberg.
Following yesterday’s approval of CAR T treatment, Impax Labs, along with other companies developing gene-based treatments, such as Intellia, NantKwest and Atara Biotherapeutics are also leading outperformance.
Notable gainers, from Bloomberg:
- IPXL +18%; Fosun Pharma buys ~5% Impax stake for $66.5m
- GERN +7.8%; Still down ~17% since July 31 Imetelstat update
- BLUE +7.7%; Gains for second day on technology pact with Novartis
- NLNK +6.2%; “Encouraging” Incyte ESMO data positive for NewLink: SunTrust
- BIIB +2.7%; Gains for fourth day after analysis on Alzheimer’s early-stage study
- Nasdaq Biotech Index rose 1.8% to 3456.28, highest intraday since January 2016
- Biotech resistance ~3446 at July 25 intraday high, next resistance 3554
- 61.8% Fibonacci of 2015-2016 bear market; chart