The loaded Prescription Drug User Fee Act (PDUFA) calendar for October produced mixed outcomes.
PDUFA dates are key binary events for biotech stocks that can move the needle in a big way. These are the dates by which the Food and Drug Administration is required to announce its decision regarding approvability/non-approvability of drugs.
Biotech stocks rose a third week running in the week ending Oct. 29 amid positive reaction to earnings. Big pharma earnings were mostly better than expected.
Biotech stocks posted gains for the second week running, supported by multiple catalysts that included a good start to the big pharma reporting season and broader market strength.