IBB Saw Moderate Gains

IBB moved up

The markets remained flat with the S&P 500 and the Dow Jones Industrial Average falling marginally by 0.1% and 0.15%, respectively, on November 23, 2015. Markets may not move much during this short week. However, biotech ETFs and stocks moved in the opposite direction of the markets and gained on November 23. The iShares Nasdaq Biotechnology ETF (IBB) rose ~0.75%. IBB saw a surge in trading volumes with ~1.8 million shares being traded as compared to the five-day average trading volume of ~1.7 million shares.

IBB closed at $335.92 and was trading 1.8% higher than its 20-day moving average price of $330 and 2.7% lower than the 100-day moving average price of $345.05. 105 stocks out of 143 stocks in IBB’s portfolio remained positive and 38 stocks ended up in the red.

IBB Saw Moderate Gains

The above table shows the moving averages and the returns of IBB, SPY, and the top performing stocks for the day.

Celldex extends its gain for a second day on positive phase II data of Rintega

Celldex Therapeutics (CLDX) gained 11.9% for the day. In two days, the stock has gained ~25% on positive data from the Phase II study of Rintega. As per the press release, CLDX “presented mature survival data from the Company’s randomized, double-blind Phase 2 study of RINTEGA® (rindopepimut) in patients with EGFRvIII-positive, recurrent glioblastoma (GBM) at the 20th Annual Scientific Meeting of the Society for Neuro-Oncology (SNO).”

CLDX closed at $18.11 and was trading 8.1% above the 100-day moving average price of $16.76 and 29.8% above the 20-day moving average price of $13.95. CLDX witnessed high trading volumes of ~6 million shares being traded as compared to the five-day average trade of ~2.5 million shares per day. CLDX has a book value of $3.23 per share. With its current price, the stock is trading at a price-to-book value of 5.1x. CLDX has a weight of ~0.2% in IBB.

Other stocks that performed well are Sarepta Therapeutics (SRPT) and Insys Therapeutics (INSY), which gave returns of 11% and 8.1%, respectively.