Traders Rotate Out of Biotech after Month Long Rally (XBI) (INCY) (REGN)
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Shares of Incyte Genomics, Inc. (Nasdaq: INCY) are trading lower by 6 percent today. Incyte Corporation, a biopharmaceutical company, focuses the development and commercialization of proprietary small molecule drugs for oncology.
Shares of Incyte are up 61.5 percent year-to-date, and considering low volumes, traders say the selloff is tied to profit taking in biotech stocks today.
Shares of Regeneron Pharmaceuticals, Inc. (Nasdaq: REGN) are also trading lower. SPDR S&P Biotech, (NYSE: XBI) which owns both of these high fliers, is lower by 2.4 percent. XBI is up 14.3 percent in the past 30 days.
Shares of Incyte are up 61.5 percent year-to-date, and considering low volumes, traders say the selloff is tied to profit taking in biotech stocks today.
Shares of Regeneron Pharmaceuticals, Inc. (Nasdaq: REGN) are also trading lower. SPDR S&P Biotech, (NYSE: XBI) which owns both of these high fliers, is lower by 2.4 percent. XBI is up 14.3 percent in the past 30 days.
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