Biotech is finally breaking out to new all-time highs, and you’ll be hard-pressed to find much red on your watch-list. We wrote about the current technical perspective just a few weeks ago.
This comes on the heels of Biomarin’s (BMRN) positive data Wednesday night for BMN 111 (vosoritide) in children with achondroplasia, or dwarfism. BMRN is up 11% on Thursday morning and makes up about 3% of the IBB. This breakout is also interesting in light Avalanche Biotechnologies’ (AAVL) AV-101 blowup (-50%) earlier this week in wet Age-Related Macular Degeneration, which initially carried through to other gene therapy companies like Spark (ONCE) and uniQure (QURE). Investors are shaking off the bad news for a hot segment, though we would argue that the comparisons between AAVL and other gene therapy companies was unwarranted for many of the same reasons Celadon’s (CLDN) failure earlier this year shouldn’t have had a read-through.
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