I have been watching certain Biotech stocks [ISIS (long), INCY (none)] over the past several weeks. Both have had fairly good gains, but today, as the market is down ~0.5%, we see that both of the stocks mentioned above are down 3% or so. While fundamentally no news has come out to bring them down more than the general market sentiment, it leads me to surmise that this might be due to month end closing of books and rebalancing of portfolios at some institutions.
That could be one cause of higher selling volume and consequent price drop. However, from technical standpoint, INCY is shying close to the 50 dma so it cuts through and goes below (21.4) the risk of it falling further is enhanced, barring any other major news.
No specific direction offered on either stocks for now. "Hold" is the word.
That could be one cause of higher selling volume and consequent price drop. However, from technical standpoint, INCY is shying close to the 50 dma so it cuts through and goes below (21.4) the risk of it falling further is enhanced, barring any other major news.
No specific direction offered on either stocks for now. "Hold" is the word.
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