REGN and INCY recently announced upbeat trial results
Most recently in the ever-growing biotech industry, investors are musing over potential changes to the sector after President-elect Donald Trump picked Martin “Marty” Makary to be the U.S. Food and Drug Administration's (FDA) next commissioner, and Robert F. Kennedy Jr. to lead the Department of Health and Human Services. Today, we'll check checking in with three heavy-hitting biotech stocks and how they've been faring on the charts.
Regeneron Pharmaceuticals Inc (NASDAQ:REGN) stock is finally on the rebound, after a long-term pullback from its Aug. 27, record high of $1,211.20. The equity has been steadily moving higher since mid-November amid a series of updates, including positive data for the company's odronextamab monotherapy. REGN is flat at $778.39 today, despite BofA Global Research yesterday reinstating its "underperform" rating. Shares are down 11.4% in 2024.
Pharmaceutical stock Incyte Corp (NASDAQ:INCY) was last seen up 0.5% at $72.82, just above newfound support at the $72 level. The shares hit a Nov. 8, 52-week high of $83.95 before chopping lower, and still sport a 15.8% year-to-date lead. Yesterday, the company announced positive late-stage trial results for tafasitamab, a treatment for relapsed or refractory follicular lymphoma.
Shares of Vertex Pharmaceuticals Inc (NASDAQ:VRTX) fell sharply after their Nov. 8 record high of $519.88, though the $450 region kept losses in check. Last seen down near breakeven at $469.39, the stock is up is up 15.2% since the start of the year. Jefferies upgraded VRTX to "buy" last session, citing huge growth potential.