Biotech boom... with a notable exception |
Biotech had a strong day, with the SPDR S&P Biotech ETF (XBI) posting its best gain since November. Crispr Therapeutics was among the top gainers, up 16%, after Cantor Fitzgerald initiated the stock at overweight. Relay Therapeutics was up almost 14% on an outperform rating from Raymond James, while Intellia gained over 13% as Canaccord Genuity initiated coverage with a buy rating. Today's moves put each of those stocks into positive territory for the year, though they all remain over 40% below their recent highs. Sarepta was a notable outlier in the group, falling 9% amid concerns over FDA approval of its Duchenne muscular dystrophy gene therapy.
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UnitedHealth earnings are coming up |
In addition to several big banks, UnitedHealth is set to report earnings on Friday morning. The stock is up 13% in a month and currently sits roughly 5% away from its all-time high. So far in April, it's the biggest point contributor to the Dow, responsible for around 350 points on the average.
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