A Tough Day For Some Biotech Bulls

Stumbles by several top biotech names are weighing on the iShares NASDAQ Biotechnology Index (ETF) IBB 1.57% on Wednesday.

  • Eli Lilly and Co LLY 2.78% shares are down 11.4 percent following news that the company’s drug solanezumab came up short of its primary endpoint for treatment of mild Alzheimer dementia.
  • Juno Therapeutics Inc JUNO 3.87% shares are down 26.9 percent after the company announced the suspension of its JCAR015 Phase II ROCKET trial following two cases of cerebral edema in patients.
  • Cellectar Biosciences Inc CLRB 3.03% shares plummeted 29.6 percent on news of an $8 million public offering.

Despite the bad news, the IBB ETF has been surprisingly resilient on Wednesday, down just 0.2 percent in mid-day trading. Biotech stocks have witnessed a huge relief rally following Hillary Clinton’s loss on Election Day. The IBB is up 7 percent since November 8.

Clinton had made drug pricing a central issue of her platform. While drug companies aren’t yet certain of what they will be getting with Trump in the White House, they have at least dodged…

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