IBB rose 3.2% for the day
The iShares Nasdaq Biotechnology ETF (IBB) rose by 3.2% on October 27 due to strong performances by the biotechnology and pharmaceutical subgroups. The biotechnology and pharmaceutical subgroups’ stocks rose due to good 3Q15 earnings and some positive news about clinical trials. The biotechnology and pharmaceutical subgroups account for ~97.5% of IBB’s portfolio.
The biotechnology subgroup gained 1.8%, commercial services rose by 1.8%, healthcare products rose by 0.65%, holding companies fell by -3.4%, and the pharmaceutical subgroup rose 1.85% as of October 27, 2015. However, the holding companies subgroup fell 3.4%. It only has a weight of 0.55% in IBB’s portfolio.
The above graph shows the performance of IBB’s different subgroups compared with IBB and the SPDR S&P 500 ETF (SPY) as of October 27, 2015.
Agios Pharmaceuticals rose by 24.8%
Agios Pharmaceuticals (AGIO) rose by a staggering 24.8% on October 27, 2015. It was the top performer in IBB’s portfolio. Investors were probably excited about the clinical data from the phase I trial of AG-120. According to the press release, Agios announced that “that the first results from the Phase 1 study of AG-120 in patients with IDH1-mutant positive advanced solid tumors will be presented in an oral presentation and featured in the press program at the AACR-NCI-EORTC International Conference on Molecular Targets and Cancer Therapeutics taking place November 5-9, 2015, in Boston.”
Agios closed at $80.94. It was trading above the 20-day and 50-day moving averages. The stock witnessed high trading volume of ~2.2 million shares being traded compared to the five-day trading average of ~1.2 million shares per day. Agios has a weight of 0.5% in IBB’s portfolio.