Biotech has been the leader to start 2014, with ICPT the poster boy for the sector after its 280% advance on Thursday (though down more than 30% today). I wanted to take a quick look at the big 4 of biotech (GILD, AMGN, BIIB, and CELG), with all of them near important resistance. A clean breakout would be further confirmation for the sector.
None of the big 4 have held a breakout to new highs so far in 2014, but all of them are quite close. In order of market cap:
GILD is the largest market cap ($115 billion), and has been in a tight range for the past 2 months. Its all-time high of $76.11 was set on December 9th:
AMGN ($89 billion) has been a relative underperformer since April, but is still only a couple percent from its all-time high of $119.70 set on November 4th:
BIIB ($70 billion) made a minor new all-time high yesterday, but closed back below $300. Its intraday high yesterday was $302.95:
CELG ($69 billion) also set a minor new all-time high yesterday, but closed lower as well. Its high yesterday was $174.66:
Those are the important levels to watch in the coming days, and could be a barometer for the broader market’s strength as well.