Biotech Sector Rallies After Strong Trading Sees $IBB Up Nearly 6%…

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    The biotech sector and many biotech stocks have enjoyed a solid week of trading that has seen the iShares Nasdaq Biotech Index (IBB) jump nearly 6% in just 5 days. New data from cholesterol treatment companies like Regeneraon (REGN) and Amgen (AMGN) as well as positive data from Biogen Idec (BIIB) and Prothena (PRTA) have helped fuel the rally.Obviously those trading biotech stocks and looking for the best biotech stocks in 2015 should be happy with this week’s performance. Prothena, for example, just recorded positive results for its Phase 1 trial of a Parkinson’s treatment.

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    This morning, Celgene Corporation (CELG) announced that results from its ongoing phase III LIBERATE trial evaluating Otezla® (apremilast), the Company’s oral, selective inhibitor of phosphodiesterase 4 (PDE4). Treatment with OTEZLA also resulted in statistically significant and clinically meaningful improvement versus placebo at week 16 in secondary endpoints, including static physician global assessment of clear or almost clear and Dermatology Quality of Life Index score change. This morning CELG shares jumped to highs nearing $130/share, up 26.5% over the last 5 months.

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    Other biotech stocks enjoying gains from the week also include Intercept Pharmaceuticals Inc (ICPT) who reported that data showed OCA-treated patients with nonalcoholic steatohepatitis saw improvements in its Phase 2b FLINT trial and Gilead Sciences, Inc. (GILD) who’s positive comments from Argus had a positive impact in the market. Argus expects continued strength for Gilead’s antiviral and oncology drugs.

     

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