Shares of major biotech companies stumbled Friday on concerns the sector may be overheated. The iShares NASDAQ Biotechnology Index ETF (NASDAQ: IBB) and the SPDR S&P Biotech ETF (NYSEARCA: XBI) posted declines of 4.74 percent and 4.18 percent Friday. "We still see more downside risk than upside reward for the sector given how extremely extended it has become on a longer-term timeframe," said MKM Partners' chief market technician, Jonathan Krinsky, in a note to clients.
ACADIA Pharmaceuticals Inc. (NASDAQ: ACAD) shares traded in the range of $25.60 to $28.25 Friday before settling to close at $26.01, a decrease of 6.61 percent. The stock appears to be facing some resistance at the $26.21 and $263.98 levels with some support at $25.39 and $24.93. Shares of ACADIA Pharmaceuticals are up approximately 4.0 percent year-to-date.
More information on ACADIA Pharmaceuticals and access to the free equity report can be found at:
www.WallStreetFundamentals.com/ACAD
NPS Pharmaceuticals, Inc. (NASDAQ: NPSP) shares traded in the range of $30.01 to $32.93 Friday before settling to close at $30.08, a decrease of 7.73 percent. The stock appears to be facing some resistance at the $30.94 and $31.88 levels with some support at $27.53 and $26.51. Shares of NPS Pharmaceuticals are down approximately 1.0 percent year-to-date.
More information on NPS Pharmaceuticals and access to the free equity report can be found at:
www.WallStreetFundamentals.com/NPSP
Sangamo Biosciences, Inc. (NASDAQ: SGMO) shares traded in the range of $20.99 to $22.56 Friday before settling to close at $21.35, a decrease of 7.58 percent. The stock appears to be facing some resistance at the $21.69 and $22.66 levels with some support at $19.85 and $18.38. Shares of Sangamo Biosciences are up approximately 53.0 percent year-to-date.
More information on Sangamo Biosciences and access to the free equity report can be found at:
www.WallStreetFundamentals.com/SGMO
Sarepta Therapeutics Inc. (NASDAQ: SRPT) shares traded in the range of $26.54 to $28.45 Friday before settling to close at $26.60, a decrease of 4.80 percent. The stock appears to be facing some resistance at the $27.80 and $30.45 levels with some support at $22.72 and $20.78. Shares of Sarepta Therapeutics are up approximately 30.0 percent year-to-date.
More information on Sarepta Therapeutics and access to the free equity report can be found at:
www.WallStreetFundamentals.com/SRPT
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