Biotech stocks soared again today to new highs driven by Abbvie Inc.(ABBV) earnings and overall sector strength. Momentum was strong in the general market with NASDAQ up 1.28% and the S&P up 1.18%. The M&A theme should be the driver in 2017.

Mid-caps were also strong with notable momentum in Intercept Pharmaceuticals (ICPT) up 5.15%, Neurocrine Biosciences (NBIX) and Portola Pharmaceuticals (PTLA) up 4%. One large cap, Regeneron (REGN), a 4.46% hit. Esperion Therapeutics (ESPR) was up 2.48% despite being hit hard on Wednesday.

Technology up 1.7% and healthcare up 1.36%- sectors led the market. The IBB is up 10.56% YTD and the XBI is up 13.34% YTD. The generalist investors have appeared to move into biotech stocks.

Abbvie,Inc. was up 13.77% to $123.21 on EPS growth of 14.6%, an adjusted EPS of $5.60 share with a 10.1% growth in 2017 full year.  Revenues of $28.216B. Full year Global HUMIRA Sales were $18.427B up 14.4% on an operational basis.

Biogen (BIIB) released results yesterday showing full year 2017 revenues of $12.3B a 7% increase over last year. Full year GAAP net  income was $2.5 B with an EPS of $11.92. The restructured Biogen is now focused mainly on neurodegenerative disorders after the successful spin-out of Bioverativ (BIVV).