Crude continued to be a big drag today. Early futures were bullish , but then oil started getting crushed hard and it really put a wet blanket on the market.
The biotech etf (IBB) started off incredibly strong, but soon gave back some of its opening euphoria and fell under the weight of the general market.
The JP Morgan healthcare conference kicked off today in San Francisco and some of the advances in science are amazing. Some stocks popped 50-100% today.
5 of our portfolio companies did well today: KITE +4.0%, JUNO +13.0%, CELG +3.0% , INSY +6.0%and DRNA +7.2%
5 stocks from last night’s video also triggered today: INSY, SGMO, VEEV, IDRA, and SBIO.
Europe was a little better today, but crude won the day and risk came off. I still think crude is going low 30’s.
Keep your eye on FPRX tomorrow. It was almost a double for us and I took the last piece off when they announced their secondary. The deal was priced at 22 and the stock is back to 28. You can buy the 28.50 level. That’s where I will re-add it to the portfolio.
Have a great night. I expect some more movers and shakers to present themselves as the healthcare conference proceeds throughout the week.
Joe