Biotech HOLDR Leads ETFs
Buying in biotech stocks lifted the Biotech HOLDR Monday, while other tech-focused exchange-traded funds made gains
on unimpressive volume.
The Biotech HOLDR
(
BBH |
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PowerRating) moved
ahead 3.9%, clearing its 50-day moving average and logging the day’s biggest gain among the
funds.Â
The biotech sector got a boost from
Vertex Pharmaceuticals
(
VRTX |
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News |
PowerRating), which rallied 16.5% on news that partner, UK
drug giant Glaxo Wellcome, has received European approval for the two companies’
co-marketed anti-HIV drug.
Among the HOLDR’s component stocks,
Human Genome Sciences
(
HGSI |
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PowerRating) tacked on 7.3%. On Friday, the company
announced the flotation of 8 million shares and an alliance to develop
therapeutic plasma protein. Gilead Sciences
(
GILD |
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PowerRating) rose 9.5%. The company
said Monday that it would report Q3 results on Thursday. Millennium
Pharmaceuticals
(
MLNM |
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PowerRating) jumped 10.3%, Biogen
(
BGEN |
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PowerRating) 8.8%.
The B2B HOLDR
(
BHH |
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PowerRating) rose 3.2%, its
third straight gain, though on falling volume. The Telecom HOLDR
(
TTH |
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PowerRating) added
3.2%, the Dow Jones Telecommunications iShares
(
IYZ |
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PowerRating) 2.3%.
The Semiconductor HOLDR
(
SMH |
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PowerRating) rose
2.3%. Among the HOLDR’s components, LSI Logic
(
LSI |
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PowerRating) and Advanced Micro
Devices
(
AMD |
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PowerRating) announced an agreement to combine their technologies in
products for wireless telephones. The deal brings together LSI’s mobile phone
processor technology and AMD’s flash memory chips. LSI rallied 6.0%.
