Several companies were present at the annual meeting of the American College of Rheumatology (ACR) presenting data on approved as well as pipeline candidates. Bristol-Myers announced an immune-oncology deal.
SAP of Germany released a new enterprise routine productivity software system which helps deal with deliveries and the supply chain for companies using machine learning and pattern recognition to get human beings away from this boring process.
Illumina shares crashed 25% to $139, after a warning on third quarter sales. The global leader in DNA sequencing systems warned that revenues missed forecast and would be $607M, well short of earlier guidance of $625-$630M.
The IBB closed up 0.88% today to $290.8 about 10 points lower than the intermediate resistance and 6 points above 9/29 lows hit the day of the 3% drop. The XBI is a bit more volatile but clearly outperforms the IBB over one month with support at $60.
The large cap weighted IBB broke through April 22 and June 2 resistance to hit $297 although still down 11.97% YTD. The more volatile XBI also broke through recent triple tops up 15.36% for the past 30 days although down 8.29% YTD.
Biotech stocks continued to drive higher despite the earnings miss in Gilead Sciences and a lackluster overall market. A green screen dominated today with significant upward momentum since the Brexit bottom.