There’s a chance shares of the iShares Biotechnology ETF (NASDAQ: IBB) may be about to break out. They are testing a resistance level. If they can get above it, a new uptrend may form.
Just as investors were hoping for an inflection higher, a strong non-farm payroll report proved to be the undoing of markets in the week ending June 3. Investors are still left to grapple with a fluid financial market, and as they take a long hard look at their strategy, here's a recap of a few major headlines that hit the wire over the weekend.
May turned out to be a month of mixed fortunes as far as regulatory reviews are concerned. New molecular entity approvals, an indicator of innovation in drug research, totaled three during the month, bringing the total for the year to 15. This compares to the 24 NMEs the Food and Drug Administration approved by May 2021.
Biotech stocks advanced in the week ended May 27, tracking the overall positive sentiment of the broader market. Notwithstanding the week's strength, the sector has been one of the worst performers for the year-to-date period.
The COVID-19 pandemic that emerged in early 2020 doesn't seem to have run its course. Daily average cases, though have declined notably, stood at 110,084 in the U.S. as of Thursday, according to data provided by New York Times.