Biotechnology stocks are trying to break out as investors await potential catalysts after Labor Day.
The iShares Nasdaq Biotech ETF (IBB) has closed at new 52-week highs in the last two sessions. It’s now pushing back to price areas last seen in the summer of 2015.
While several companies in the industry reported good numbers in last earnings season, the market seems to be looking forward to some other events in coming weeks:
We’re not experts on this space or able to list all the companies presenting, but plenty of information is available on line.
iShares Nasdaq Biotech ETF (IBB) with 50-day moving average and new highs marked.
Let’s view recent news for the top five holdings in IBB, which may help explain why sentiment has been improving:
Clients with longer-term memories may recall IBB enjoyed a major uptrend in the first half of the decade. It crashed in mid-2015 and started clawing its way about to life about a year ago.
In conclusion this isn’t a trade recommendation and everyone needs to do their own homework. But biotechnology stocks have had some good news and clients seem to be looking for more positives before the quarter ends.
This article was written by David Russell, TradeStation Securities, Inc., published on 30/08/2018.
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