Barclays Gets Bullish On US Biotechnology Sector (BBH)

Biotech HOLDRs (NYSE: BBH) is seeing some upside action today after the biotech industry received its second major upgrade in the past few weeks. The ETF is up 1% today.

Today, Barclays upgraded the US Biotechnology sector from Neutral to Positive, citing valuation and saying they see significant opportunity for the group into 2nd-half of 2009.

With the sector call, the firm also upgraded Biogen Idec (Nasdaq: BIIB) from Underweight to Equal Weight and raised its price target to $52.

The firm's top rated biotech picks in the sector include Amgen (Nasdaq: AMGN), Celgene (Nasdaq: CELG), Genzyme (Nasdaq: GENZ), Cephalon (Nasdaq: CEPH), Acadia (Nasdaq: ACAD), Arena (Nasdaq: ARNA), Rigel (Nasdaq: RIGL), Array (Nasdaq: ARRY), Onyx (Nasdaq: ONXX), Isis (Nasdaq: ISIS), Regeneron (Nasdaq: REGN)

Earlier in the month, Goldman Sachs upgraded U.S. Large Cap Biotechs to Neutral.

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