U.S. stocks fell Thursday, as a pair of unsatisfactory bank earnings reports weighed down financial shares. The Dow Jones Industrial Average droop 76 points, or 0.4%, to 17351. The S&P 500 lost 15 points, or 0.8%, to 1996. The index was on track for its fifth-straight decline and second five-session losing streak since Dec. 29, after more than a year without one. The Nasdaq Composite Index declined 59 points, or 1.3% to 4581.
Biotechnology stocks were among the hardest hit sectors, with the Nasdaq Biotechnology Index falling 2.2%. The index is trading at 31.5 times its earnings from the last 12 months, according to FactSet, 23% above its 10-year average of 25.7. In contrast, the S&P 500 is trading at a valuation of 16.7, which is 14% above its 10-year average.
Biotechnology was one of the market’s shining stars in 2014.
“Stock market news and rumors from this week’s JPMorgan Healthcare Conference have also fueled investor interest,” Loo says.
iShares Nasdaq Biotechnology ETF (IBB) changed by -2.49% (a change from open of- 3.07%) at a volume of 1,800,735 shares. iShares Trust – iShares Nasdaq Biotechnology ETF (IBB)’s weekly performance is at 1.14% and their 52 week low 48.56%. iShares Trust – iShares Nasdaq Biotechnology ETF (IBB)’s monthly performance stands at 3.09% in the Exchange Traded Fund industry.
Small-cap Foundation Medicine (NASDAQ:FMI) gapped up 95% Monday on news of Roche (OTCPK:RHHBY) taking a 56% stake. Loo likes big caps such as Biogen Idec (NASDAQ:BIIB) and Valeant because of solid sales and earnings growth results for this year at least.
Juno Therapeutics Inc. (NASDAQ:JUNO), Kite Pharma Inc (NASDAQ:KITE), Chimerix Inc (NASDAQ:CMRX), bluebird bio Inc (NASDAQ:BLUE), were in negative territory, following biotech sector decline.
During the last trading session, the activities of featured biotech stocks are as follows:
Juno Therapeutics Inc (NASDAQ:JUNO) opened the session at $53.30, remained amid the day range of $44.23 - $53.79, and closed the session at $44.60. The stock showed a negative performance of -14.03% in previous trading session. Juno Therapeutics, recently released that it has webcast its presentation at the 33rd Annual J.P. Morgan Healthcare Conference at 8:30 a.m. PST, Wednesday, Jan. 14, 2015. Juno Therapeutics, Inc., a biopharmaceutical organization, involves in developing cell-based cancer immunotherapies. The organization develops cell-based cancer immunotherapies based on its chimeric antigen receptor and T cell receptor technologies to genetically engineer T cells to recognize and kill cancer cells.
Kite Pharma Inc (NASDAQ:KITE) traded with volume of 3.9 million shares in the prior session and the average volume of the stock remained 1.26 million shares. The 52 week range of the stock remained $21.00 - $89.21. The stock showed a negative movement of -17.35% and closed its session at $72.42. Kite Pharma, recently declared the scheduled time of Claudine Prowse, Ph.D., to the newly innovated position of Senior Vice President, Corporate Communications and Investor Relations (IR). Dr. Prowse will be primarily accountable for driving the Company’s communication plan and initiatives. She will report to Ms. Cynthia M. Butitta, Chief Financial Officer and Chief Operating Officer. Kite Pharma, Inc. operates a clinical-stage biopharmaceutical organization which focuses on the development and commercialization of novel cancer immunotherapy products.
Chimerix Inc (NASDAQ:CMRX) exchanged 573,368 shares and the average volume remained 510,463.00 shares. The stock dropped -8.48% and closed the session at $37.02. The EPS of the stock remained -1.56. Chimerix recently declared that the United States Patent and Trademark Office has issued a Notice of Allowance for a patent application covering a method of synthesis and the commercial morphic form of brincidofovir. With the addition of this most recent patent, composition of matter coverage for brincidofovir in the U.S. is anticipated to extend to October 2034. Chimerix, Inc., a biopharmaceutical organization, discovers, develops, and commercializes novel, oral antivirals to address unmet medical needs in the United States.
bluebird bio Inc (NASDAQ:BLUE) gained volume of 1.3 million shares, while the average volume remained 1.27 million shares. The stock decreased -10.20% and finished the session Thursday at $94.29. The EPS of the stock remained -1.45. bluebird bio released that administration presented at the 33rd annual J.P. Morgan Healthcare Conference on Wednesday, January 14, 2015. The conference held January 12-15, 2015 at the Westin St. Francis in San Francisco. bluebird bio, Inc., a clinical-stage biotechnology organization, focuses on developing gene therapies for severe genetic and orphan diseases. The organization’s advanced product candidate is Lenti-D, which is in phase II/III studies for the treatment of childhood cerebral adrenoleukodystrophy, a rare, hereditary neurological disorder affecting young boys; and LentiGlobin that is in phase I/II studies for the treatment of beta-thalassemia major and severe sickle cell disease in France, in addition to a second phase I/II studies with LentiGlobin for the treatment of beta-thalassemia major in the United States.
