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  1. Default Biotec leaders breaking trend

    Traders who follow CNBC’s options action where alerted to the possibility of the biotec sector breaking trend on last weeks episode. A break in trend in Biotec bellwether CELG signaled a early warning for the group in recent weeks. Friday 3/21 all he** seemed to break loose. CELG broke below the 200 day and GILD broke below the 100 day, both on heavy volume. I bought the trend line support dip in GILD, ARWR and CLDX recently and got hammered Friday. The dip will be a buy opportunity at some point but for now the group is under some serious selling pressure.

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    "The health care sector has had a rare downturn over the last 30 days, and some are starting to wonder if this is the start of a sector wide correction. The iShares Biotechnology Index has fallen 2.46% in the last month of trading, and biotech stalwarts Celgene (NASDAQ: CELG ) and Gilead Sciences (NASDAQ: GILD ) are both down over 8%. What's most surprising is that Celgene and Gilead are expected to have strong years in terms of earnings and the development of their respective clinical pipelines."

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    I too picked up GILD on the sell off as mentioned in the following thread.


    Despite the screen name my motivations for this buy are much more fundamental. I have various contacts in the medical and pharmaceutical industry that say GILD's Hep C drug is unlike anything they've seen to date. Patient outcome is off the charts positive. And finally, the cause of the sell off was a Congressional letter questioning the price of the treatment. Well, these professionals, doctors and pharmacists, tell me the cost of the GILD treatment is actually lower than the all-in cost of competitor, inferior treatments. My opinion is the CEO of GILD is being setup for a slam dunk to reply to Congress and we'll see the stock pop on his rebuttal. Bottom line: I see GILD as a $100 stock within 18 months.

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    Now this isn't to say go out and throw a dart at the biotech sector as you once could a year ago and pick a winner. The sector rally is a little long in the tooth but GILD is best of breed with a blockbuster product and a strong pipeline. If you need healthcare exposure in your portfolio this sell off is a gift in my opinion.

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    Thanks for the input on GILD. I am holding firm on my position and plan to add more at first sign of support. I also like BIIB and am looking to reenter the name after taking profits back in February. I also like ARWR and PRAN. Got beaten up pretty bad in ARWR Friday. PRAN chart (wedge formation) is looking pretty interesting.

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