Stock Gains Skipping Biotech (GENZ, CELG, GILD, AMGN, BIIB, ALXN, MNKD, HGSI, VVUS, DNDN, BBH, XBI, QQQQ)
Biotech and emerging pharma both seem to have almost no friends today despite a large stock market rally. It may take a resolution of the Genzyme Corporation (NASDAQ: GENZ) merger, and a successful resolution at that, to get interest going in the sector in. We have run a feature at BioHealthInvestor.com showing how many key biotech stocks are being left in the dust despite the improvement from tax extensions, QE2, the move to risk-assets, and general economic improvements.
Those issues covered are Celgene Corporation (NASDAQ: CELG), Gilead Sciences Inc. (NASDAQ: GILD), Amgen Inc. (NASDAQ: AMGN), Biogen Idec Inc. (NASDAQ: BIIB), Alexion Pharmaceuticals, Inc. (NASDAQ: ALXN), MannKind Corp. (NASDAQ: MNKD), Human Genome Sciences Inc. (NASDAQ: HGSI), VIVUS Inc. (NASDAQ: VVUS), and Dendreon Corporation (NASDAQ: DNDN)… most of which were flops this last week while the NASDAQ and the broader stocks performed well. We also compared the Biotech HOLDRs (NYSE: BBH) and SPDR S&P Biotech (NYSE: XBI) to the PowerShares QQQ (NASDAQ: QQQQ) to highlight some of the underperformance.