Arena Pharma (ARNA) Helps Lifts Biotech ETF (IBB)
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Despite choppy trading on the major indexes, iShares Nasdaq Biotechnology (Nasdaq: IBB) saw gains today in excess of 1.5 percent.
The move higher was helped by Regeneron Pharmaceuticals, Inc. (NASDAQ: REGN) and Biogen Idec Inc. (NASDAQ: BIIB), which were both up 2.5 percent intra-day.
Arena Pharmaceuticals (NASDAQ: ARNA), although it only accounts for 0.22 percent of IBB's holdings, saw huge gains of 65 percent today following FDA panel backing of its obesity drug. Several analysts upgraded the stock this morning, including Leerink Swann (Outperform) and (Buy). Both see shares at $9 or more, which suggests another 40 percent upside.
The move higher was helped by Regeneron Pharmaceuticals, Inc. (NASDAQ: REGN) and Biogen Idec Inc. (NASDAQ: BIIB), which were both up 2.5 percent intra-day.
Arena Pharmaceuticals (NASDAQ: ARNA), although it only accounts for 0.22 percent of IBB's holdings, saw huge gains of 65 percent today following FDA panel backing of its obesity drug. Several analysts upgraded the stock this morning, including Leerink Swann (Outperform) and (Buy). Both see shares at $9 or more, which suggests another 40 percent upside.
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