Biotech stocks jumped higher today, pushing Nasdaq to a record high at 5133. Yesterday, after the market, BMRN shares popped higher, as the company reported positive results from a mid-stage study for its drug to treat the most common form of dwarfism.
This morning the whole sector jumped higher. BMRN ended the day up more than +12%. Here are how some of the other biotech names did today: AMGN +2.87%; RCPT +5.43%; MDVN +3.59%; BIIB +2.73%; KITE +3.48%; CELG +4.24%; INCY +3.33%; JAZZ +0.96%.
A lot of these biotech names shot up right at open, so it was difficult to chase. I do like KITE and JAZZ here. I think these could go up again tomorrow.
Elsewhere, other tech stocks were also strong. We locked in gains on CRM, MNST, BA, and AMZN. BA had a nice day, a solid bounce to retest the recent high. We got into BA calls yesterday and locked in profits as high as +55%:
We also did a nice day trade on AMZN, giving us an intraday gain of +30%:
AMZN should retest the recent high of $452 from here.
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The markets went quite far today. We might see a pause for the broader market tomorrow. But, investors may look to pick up any laggers. Unless, of course, there's solid, positive news coming out of Greece.
Isis Pharmaceuticals (ISIS) had a nice pop last week, but, all of the gains evaporated. It bounced a bit today with the rest of the sector. I think this is worth a look now!
Good night and HappyTrading! ™