It was hard to miss yeaterday's Biotech action. In IBD's Greatest % Rise In Volume
on the NASDAQ Table, Biotechs captured 7 of the top 50 slots. Three more were in
the next 50. Biotechs in the table were ISIP, VICL, ARRS, CPRO, CNTO, IDPH,
IPIC, BCHXF, REGN, & INCY. The volume increases for the top 3 were 500%,
495%, and 343% respectively. ISIP was also mentioned in the WSJ and NY Times.
My favorite, LGND didn't make the list because it was down 1/8 (a move of 3/8 or
more is required). However, the price movement seemed to be more releated to MM
inventories than BUY/SELL ratios (see LGND's intraday chart at
lombard.com). LGND traded over 1 million shares and the volume
increase was 402% The buyers pushed LGND's accumulation/distribution rating into
the "B" category (it was "C" yesterday and "D" last week). After the close LGND
announced promotions and a new hire for human resources which I read as the first
step in building a large sales force to sell the retinoids that expected to be approved
next year (data will probably be presented on Jan 7 at the H&Q meeting - LGND
knows the score for Targretin because the phase III trial is OPEN LABEL - Panretin's
pahse III trials are double blind, but it/they should be decoded in the next couple of
weeks). |
