Biotech stocks reversed course in the week ending March 4, as the Ukrainian crisis weighed down on the broader market as well as the sector. The iShares Biotechnology ETF (NASDAQ: IBB) retreated in four out of five sessions of the week.
Gainers
Zogenix, Inc. (NASDAQ: ZGNX) shares surged 65.7% to close at $25.92 on Wednesday after the company announced it will be acquired by UCB for approximately $1.9 billion.
Toward the end of trading Wednesday, the Dow traded down 0.45% to 35,210.04 while the NASDAQ fell 0.28% to 14,466.47. The S&P also fell, dropping, 0.29% to 4,563.94.
Midway through trading Wednesday, the Dow traded down 0.13% to 35,321.51 while the NASDAQ fell 0.53% to 14,430.41. The S&P also fell, dropping, 0.19% to 4,568.33.
Gainers
Zogenix, Inc. (NASDAQ: ZGNX) shares jumped 67.1% to $26.15 after the company announced it will be acquired by UCB for approximately $1.9 billion.