Don’t dump biotechnology stocks yet, says chart guru Thomas Dorsey
By Tomi Kilgore
Published: Sept 24, 2015 7:52 a.m. ET
Biotech sector is still No. 1 in Dorsey Wright’s relative-strength sector rankings
Biotechnology stocks took a big hit this week amid outrage over surge-pricing practices, but one widely-followed technical analyst said it’s still too early to bet against the sector.
The SPDR S&P Biotech exchange traded fund XBI, -0.11% has tumbled 7.7% this week through Wednesday, as Presidential Candidate Hillary Clinton unveiled a plan to counter high drug prices, in response to a New York Times article about a company that raised the price of a drug to $750 from $13.50 overnight. The iShares Nasdaq Biotechnology ETF IBB, -0.77% has shed 8.2% amid a four-session losing streak.
Don’t dump biotechnology stocks yet, says chart guru Thomas DorseyBy Tomi KilgorePublished: Sept 24, 2015 7:52 a.m. ETBiotech sector is still No. 1 in Dorsey Wright’s relative-strength sector rankingsBiotechnology stocks took a big hit this week amid outrage over surge-pricing practices, but one widely-followed technical analyst said it’s still too early to bet against the sector.The SPDR S&P Biotech exchange traded fund XBI, -0.11% has tumbled 7.7% this week through Wednesday, as Presidential Candidate Hillary Clinton unveiled a plan to counter high drug prices, in response to a New York Times article about a company that raised the price of a drug to $750 from $13.50 overnight. The iShares Nasdaq Biotechnology ETF IBB, -0.77% has shed 8.2% amid a four-session losing streak.
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