Incyte Corporation
INCY
Delayed Nasdaq - 07/13 10:00:00 pm
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Biotech struggles as 2Q opens

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04/09/2018 | 10:53 am

Biotech began the second quarter on a sour note, closing the week in worse shape than the broader market. The SPDR S&P Biotech ETF (XBI), NYSE Arca Biotechnology Index (BTK), NASDAQ Biotechnology Index (NBI) and the BioCentury 100 each lost more that 5% during the week. Over the same period, the NASDAQ Composite fell 2% and the Standard & Poor's 500 index and the Dow Jones Industrial average slipped about 1% each.

On Friday, the BTK, NBI, XBI and BioCentury 100 each shed about 3% as a Phase III miss by Incyte Corp. (NASDAQ:INCY) dragged down multiple immunotherapy stocks, including NewLink Genetics Corp. (NASDAQ:NLNK), Nektar Therapeutics (NASDAQ:NKTR) and Syndax Pharmaceuticals Inc. (NASDAQ:SNDX).

The Dow, NASDAQ and S&P500 each slid about 2% on the final trading day of the week.

This week's roller-coaster ride follows a volatile March that wiped out first quarter equity gains across the board; however, a dozen investors who spoke to BioCentury for its 2Q18 Financial Markets Preview are reveling under conditions they say favor stock picking (see BioCentury, April 6).

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(C) 2018 M2 COMMUNICATIONS, source M2 PressWIRE

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