{"id":80643,"date":"2023-11-04T11:20:36","date_gmt":"2023-11-04T15:20:36","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/biotechs-bounce-new-highs-for-ideaya-olema-and-vertex\/"},"modified":"2023-11-04T11:20:40","modified_gmt":"2023-11-04T15:20:40","slug":"biotechs-bounce-new-highs-for-ideaya-olema-and-vertex","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=80643","title":{"rendered":"Biotechs Bounce. New Highs For Ideaya, Olema And Vertex."},"content":{"rendered":"
\n

Biotechs rallied this week, a strong indication that \u201crisk on\u201d is back on after Fed Chair Jerome Powell said interest rates won\u2019t be raised again right now.<\/p>\n

This sector is the non-value stock sector \u2014 investors going for growth like to place money here when they feel that a bottom may be in place.<\/p>\n

I\u2019m not an expert on the reasons that a single biotech may be better than another, but I do follow price trends and that\u2019s what makes the group interesting.<\/p>\n

The group\u2019s upward blast on Friday came on increased volume, a sign (not a guarantee) that these stocks are of interest again to those gauging that reward may now be worth the risk.<\/p>\n

Biotech Price Charts: An ETF and 3 Stocks:<\/h2>\n

The SPDR S&P Biotech Exchange Traded Fund consists of 135 stocks, trades with a price-earnings ratio of 19 and at about 3 times book value. Considered a benchmark for the sector, here\u2019s the weekly price chart:<\/p>\n

<\/fbs-ad><\/p>\n

You can see how it peaked at $175 in early 2021 and now goes for $71.46, a drop of 58%. The ETF had a decent rally this week but still trades beneath both its 50-day moving average (the blue line) and its 200-day moving average. Note that, so far, it\u2019s managed to stay above the mid 2022 low.<\/p>\n

The daily chart for the SPDR S&P Biotech ETF looks like this:<\/p>\n

Buyers stepped it up this week and the biotech benchmark seems to have bottomed \u2014 perhaps temporarily, at least \u2014 at $64. Note that the ETF continues to trade below its moving averages, even with this significant rally.<\/p>\n

Ideaya Biosciences hit a new 52-week high and then backed off. Here\u2019s the daily price chart:<\/p>\n

The Nasdaq-traded \u201cclinical stage precision medicine oncology\u201d company has a market capitalization of $1.81 billion. Unlike many other biotechs, the stock has traded upward since late April and remains above up trending 50-day and 200-day moving averages.<\/p>\n

Olema Pharmaceuticals is another Nasdaq biotech hitting new highs. The daily price chart is here:<\/p>\n

The company, based in San Francisco, California, focuses on cancer treatments for women. Note that the stock could have been purchased at $3 in April and is now priced at $16.59, an extraordinary gain over just 6 months. It\u2019s moves like this that attract the \u201cgrowth\u201d investor.<\/p>\n

Vertex Pharmaceuticals works on treatments for a number of diseases including sickle cell anemia. The Nasdaq traded biotech has a market cap of $97.10 billion. The daily price chart looks like this:<\/p>\n

After the stock hit new highs this week, sellers took profits up there at the $380 level. Vertex traded at $286 as recently as March, as you can see. It hasn\u2019t traded below that up trending 200-day moving average since that month.<\/p>\n

I am no longer on Twitter \u2014 I\u2019ve moved to Threads.net.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Biotechs rallied this week, a strong indication that \u201crisk on\u201d is back on after Fed Chair Jerome Powell said interest rates won\u2019t be raised again right now. This sector is the non-value stock sector \u2014 investors going for growth like to place money here when they feel that a bottom may be in place. I\u2019m […]<\/p>\n","protected":false},"author":1,"featured_media":80644,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-80643","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investing","tag-featured"],"yoast_head":"\nBiotechs Bounce. 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