Biotech stocks were down for a second week in a row, as they retreated along with the broader market amid macro concerns. Consumer price inflation data released during the week stoked rate hike fears, and exerted negative pressure on stocks.
There were very few stock-specific catalysts, barring a few preannouncements, stock offerings, and a slew of initial public offerings.
ARK Invest, the New York-based investment management firm led by the popular money manager Cathie Wood, saw its five actively managed exchange-traded funds and two self-indexed ETFs underperform the S&P 500 index in the second quarter.
FibroGen, Inc. (NASDAQ: FGEN) has a key catalyst Thursday when FDA's Cardiovascular and Renal Drugs Advisory Committee will issue its recommendation on the company's new drug application for roxadustat.
The committee is scheduled to meet between 9:30 a.m. and 5:30 p.m.
Biopharma stocks underperformed in the first half of 2021, and several of these stocks could be in for a rebound in the coming months.
Needham analyst Serge Belanger highlighted companies in the firm's coverage universe that have key catalysts in the third quarter.
Ethereum (CRYPTO: ETH) is trading in the green on Wednesday, outperforming the wider cryptocurrency market, amid a couple of bullish stances taken by analysts.
Investment bank Allen & Company’s annual gathering of technology and entertainment industry executives is back for a July 6-11 run in Sun Valley, Idaho, after being canceled last year due to the coronavirus pandemic.