Sluggish Tape In Biotech at Mid-Resistance Levels

Bad News From Celgene (CELG) Hurts Sentiment Down 16% YTD

Technicals Look Weak with IBB 7% Off January Highs

Biotech stocks were weak again today exacerbated by still more bad news from Celgene (CELG) down over 8% on news that the FDA refused to review their Ozanimod product for relapsing Multiple Sclerosis. This does not look good for previous Celgene management and their 2015 acquisition of Receptos in July of 2015 for $7.2B. Peak annual sales at that time were forecasted at $4-6B hence a major product for the immune-inflammatory disease area.

Large caps were mixed but mid-caps looked better with several 1%+ winners

We downgraded the CELG stock for new buys but it remains a hold.We will update this post after the close today.

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