Biotech Forum Daily Digest For January 31st
The biotech sector has given back some of its gains from last week.
Amazon, JPMorgan and Berkshire Hathaway announce the launch of a new healthcare company to reduce healthcare costs for their employees.
All the other notable news, events and analyst ratings from across the sector as well a Spotlight feature on Iovance Biotherapeutics are below.
I know how men in exile feed on dreams of hope.” ― Aeschylus
The rally in the biotech sector continued on Monday as Sanofi (SNY) made its second acquisition with a substantial premium over the past week. Tuesday brought some profit taking into focus, which seemed logical given the extent of the rally in this high beta space in the last third of January. The overall market was down just over one percent yesterday and biotech was down around two percent. Markets look poised to be stronger in trading today.
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Aradigm (ARDM) got hit hard in trading Monday. The FDA issued a Complete Response Letter (NYSE:CRL) from the FDA regarding its NDA for its compound Linhaliq as a treatment for non-cystic fibrosis bronchiectasis (NCFBE) patients with chronic lung infections with Pseudomonas aeruginosa. Within the CRL, the FDA recommended an additional Phase 3 trial to assess evidence of efficacy over a period of a least two years. The stock fell nearly 30% in response to this major setback for the company.