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.
Halozyme Therapeutics, Inc. (NASDAQ: HALO) shares traded in the range of $13.25 to $14.25 Friday before settling to close at $13.54, a decrease of 3.35 percent. The stock appears to be facing some resistance at the $13.88 and $14.67 levels with some support at $13.37 and $13.06. Shares of Halozyme Therapeutics are down approximately 10.0 percent year-to-date.
More information on Halozyme Therapeutics and access to the free equity report can be found at:
www.WallStreetFundamentals.com/HALO
ImmunoGen, Inc. (NASDAQ: IMGN) shares traded in the range of $15.72 to $16.77 Friday before settling to close at $15.90, a decrease of 2.51 percent. The stock appears to be facing some resistance at the $15.98 and $16.30 levels with some support at $15.60 and $15.38. Shares of ImmunoGen are up approximately 8.0 percent year-to-date.
More information on ImmunoGen and access to the free equity report can be found at:
www.WallStreetFundamentals.com/IMGN
Infinity Pharmaceuticals Inc. (NASDAQ: INFI) shares traded in the range of $12.93 to $14.00 Friday before settling to close at $12.93, a decrease of 5.41 percent. The stock appears to be facing some resistance at the $13.82 and $14.50 levels with some support at $12.48 and $11.98. Shares of Infinity Pharmaceuticals are down approximately 6.0 percent year-to-date.
More information on Infinity Pharmaceuticals and access to the free equity report can be found at:
www.WallStreetFundamentals.com/INFI
Nektar Therapeutics (NASDAQ: NKTR) shares traded in the range of $13.43 to $14.65 Friday before settling to close at $13.44, a decrease of 7.31 percent. The stock appears to be facing some resistance at the $13.44 and $13.93 levels with some support at $12.67 and $11.92. Shares of Nektar Therapeutics are up approximately 18.0 percent year-to-date.
More information on Nektar Therapeutics and access to the free equity report can be found at:
www.WallStreetFundamentals.com/NKTR
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