The biotech industry’s surge in 2013 seems to have cooled in recent weeks as the sector has been hit by a broad slump in the markets. The SPDR S&P Biotech ETF (NYSEARCA: XBI) and the iShares NASDAQ Biotechnology Index ETF (NASDAQ: IBB) have posted declines of 3.65 and 4.04 percent in the past week. Federal Reserve Chairman Ben Bernanke’s comments hinting that bond purchases may be scaled back later this year sent markets sliding sharply this past week. Although it may not have a major effect on the Biotech sector in the long run it has made investors more susceptible to news triggering them to take gains or cut losses.
ACADIA Pharmaceuticals Inc. (NASDAQ: ACAD) shares traded in the range of $17.25 to $18.10 Friday before settling to close at $17.98, an increase of 1.18 percent. The stock appears to be facing some resistance at $18.27 with some support at $17.00. On May, 20th, the company was added to the NASDAQ Biotechnology Index. Shares of ACADIA Pharmaceuticals have fallen approximately 6.9 percent in the past week.
More information on ACADIA Pharmaceuticals and access to the free equity report can be found at: www.WallStreetFundamentals.com/ACAD
Achillion Pharmaceuticals, Inc. (NASDAQ: ACHN) shares traded in the range of $7.52 to $7.96 Friday before settling to close at $7.89, a decrease of 0.13 percent. The stock appears to be facing resistance at the $7.94 with some support at $7.59. The company recently announced that it has nominated ACH-3422 as a nucleotide for the treatment of chronic HCV. Shares of Achillion Pharmaceuticals have gained approximately 2.5 percent in the past week.
More information on Achillion Pharmaceuticals and access to the free equity report can be found at: www.WallStreetFundamentals.com/ACHN
Celldex Therapeutics, Inc. (NASDAQ: CLDX) shares traded in the range of $13.58 to $14.74 Friday before settling to close at $14.06, a decrease of 1.61 percent. The stock appears to be facing resistance at the $14.34 and $14.73 levels. Shares of Celldex Therapeutics have gained approximately 110.0 percent in year-to-date.
More information on Celldex Therapeutics and access to the free equity report can be found at: www.WallStreetFundamentals.com/CLDX
Keryx Biopharmaceuticals (NASDAQ: KERX) shares traded in the range of $7.49 to $8.06 Friday before settling to close at $7.66, a decrease of 3.04. The stock appears to be facing resistance at $7.72 with some support at $7.39. JPMorgan analyst Cory Kasimov has recently initiated coverage on the company with an “overweight” and a price target of $13.00. Shares of Keryx Biopharmaceuticals have gained approximately 4.92 percent in the past week.
More information on Keryx Biopharmaceuticals and access to the free equity report can be found at: www.WallStreetFundamentals.com/KERX
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