aktien-community.com

[ticino]

Laut Cash gehören Basilea, Molecular Partners und Evolva zu den erfolgreichsten SPI-Aktien im Mai mit Kursgewinnen von 10 Prozent und mehr!

[rogueT]

Ja, der Biotech-Hype hält an. In den USA sind im Moment die Onkologietitel der Renner. Habe kürzlich eine AVEO und eine ONTY erfolgreich getradet, aber es zog wirklich alles an was irgendwas von positiven Studienresultaten auch nur andeutete. Da pumpt sich nun aber auch viel heisse Luft in den Sektor, denn nur die Wenigsten werden am Ende effektiv etwas vorzuweisen haben und Umsätze generieren. Aber die tiefen Zinsen und die verkürzten und kulanteren Zulassungsverfahren befeuern nunmal den ganzen Sektor. Man kann die Welle surfen, aber beim Langzeit-Investieren wär ich extrem vorsichtig und würde eher auf etabliertere Firmen wie Roche, Bristol-Meyer etc. setzen.

[rogueT]

Bei reift langsam die Überzeugung, dass der (US-)Biotechsektor in eine klassische Spekulationsblase reinläuft.
Das P/E auf den NASDAQ Biotech liegt aktuell bei 90 und der Index ist dreimal so hoch wie zu den besten Zeiten der Dotcom-Blase (die ebenso eine Biotechblase war). Natürlich ist der Sektor heute anders aufgestellt und aus einer Pioniertechnologie wurde ein kommerzieller Erfolg. Trotzdem: Die Vorschusslorbeeren sind gewaltig. Ich seh das ja auch, an den Pennystocks die ich hin und wieder trade. Hier reicht ja allein eine Nachricht, dass bei einer Phase I keine nennenswerte Nebenwirkungen auftraten, und schwupp, der Kurs verdoppelt sich. Crazy!
Mögliches Instrument um die Überzeugung umzusetzen wäre der 2x Short von ProShares (Ticker: BIS). Aber bei diesen Geschichten gilt: Timing is everything! Denn der kann ja auch nochmal 20-30% drauflegen bevor er dreht. Es bleibt spannend!

[rogueT]

Irgendwann mal, in nicht allzu ferner Zukunft wird man zurückschauen und sagen "hey, das war doch klar, dass Biotech in einer Blase war, die Zeichen waren doch eindeutig" (aber wie immer, werden es die am lautesten rufen, die keinen Plan hatten und ganz am Schluss noch aufgesprungen sind).

LONDON--Novartis AG (NVS) has spun off a trio of pipeline drugs into a newly formed U.K. biotech company, in a risk-sharing move that is becoming increasingly commonplace among big pharmaceutical companies.

In exchange for the assets, the Swiss pharmaceutical giant will receive a noncontrolling stake in the new company, Mereo BioPharma Group Ltd., as well as future milestones and royalties.

Mereo, meanwhile, has raised $119 million from two U.K. institutional investors, Woodford Investment Management LLP and Invesco Perpetual, to fund the next steps of clinical development for the drugs.

Big pharmaceutical companies are increasingly entering risk-sharing deals for drugs that fall outside their core areas of focus. In many cases, these assets attract higher valuations when pulled out of the crowded pipelines of large companies. Last year, GlaxoSmithKline PLC (GSK) spun off an Alzheimer's drug into a new company for $5 million. That company, Axovant Sciences Ltd. (AXON), whose sole asset is the former Glaxo drug, later fetched a valuation of more than $2 billion in a New York Stock Exchange float.
...

[rogueT]

Diese Aquinox Pharma hatte ich letzten Freitag kurz nach der US-Eröffnung auch auf dem Zeiger.
Nachdem ich aber die Kursbewegende Meldung kurz überflogen hatte, habe ich mich dagegen entschieden da noch rein zu gehen.
Da handelte sie zwischen 2 - 3 Dollar. Man schaue nun was in der Zwischenzeit geschah.
Ich poste das hier, weil es für mich zum Thema passt. Ein Phase 2 Wirkstoff, der vor kurzem noch versagt hatte, macht jetzt wieder etwas Hoffnung (ich bin kein Mediziner, aber die Statistiken die in der Meldung genannt wurden, tönten nicht sehr berauschend). Und statt dass der Titel einen Teil der vormaligen Kursverluste wieder wettmacht, geht der völlig durch die Decke. Kann gut sein, dass ich das falsch beurteile und die wirklich gerade einen Riesentreffer gelandet haben. Aber bis zur Falsifizierung gehe ich davon aus, dass hier einmal mehr mächtig "gehypt" wird.

[rogueT]

Dieser Artikel bringt den Fall von Aquinox auf den Punkt. Ich sag nur: Its a long way down from here!
Natürlich bin ich mir reuig, diesen massiven Move verpasst zu haben, aber anders als damals in SANN, gabs für mich einfach keinen Grund warum der so steigen sollte wie er es gerade tat. Aber eben, heutzutage geht bei jeder Biotechklitsche die Post ab, sobald mal eine Labormaus einen fragwürdigen Test überlebt. Rational ist das nicht, eher typisches Spekulationsblasenverhalten.

[color=#0000BF]Aquinox Pharmaceuticals: Low Float Insanity Meets Biotech Bubble

By SeekingAlpha, August 10, 2015, 06:41:34 PM EDT

Aquinox Pharmaceuticals ( AQXP ) stock price has increased 30 times over the last two trading days to intraday highs of $55.75 (compared to Thursday's $1.79 closing price to put this in perspective), this is even 5 times its all-time highs despite the fact that it just missed its primary end point for AQX-1125 bladder pain syndrome/interstitial cystitis (BPS/IC). Comparing this to a few months ago and it's easy to see that fundamentals have deteriorated with only two of its three indications surviving. The Baker Bros, well-known biotech investors, recently beefed up its position at a cost basis of $6.98 per share - it is up four times on its investment in 2 days, would it be buying more here? Cowen's latest $14 target price from this morning, even with massively bullish assumptions, implies 50% downside to recent price.

Aquinox is likely to follow the path of its predecessors whereby all of our selected examples of one-time high volume traded stocks with low floats end up down 58% (on average) post large outbursts in appreciation. As will be outlined later in the report, Allergan (AGN) had the opportunity to purchase this business at a $27 million enterprise value but instead went with TARIS for a $67.5 million price (The Baker Bros have picked up its stake in AQXP at a $53 million valuation as a reference point). With AQXP currently trading at a $400 million plus enterprise value, the stock is ready to come back down. Incremental financing needed for a likely phase 3 trial will be a catalyst as well as no results from any further studies on BPS/IC in the next twelve months.

The secondary endpoint news that has driven the stock price is important; however, it is incrementally positive, not a revolutionary change to the business or potential for the drug. The BPS/IC indication remains to have significant risks: regulatory, commercialization, partnership, financial and trial.

Irrational Exuberance Meets Thinly Traded Stock With Fundamentals That Have Deteriorated In The Past Few Months

Aquinox exploded onto the stock trader's scene on Friday, August 7, 2015. According to Bloomberg, AQXP had the largest increase in price for the day along with the 3rd highest volume of any stock trading over 1 cent. Since August 7th, it traded4 times as many sharesas had been cumulatively traded in the entire history of the company's stock, resulting in the stock trading up over 1,500% to current. The stock currently trades at 101% above previous all-time highs of $14 per share. This astounding increase in volume would lead to the natural conclusion that some truly transformative event had completely changed the company's dynamics. That conclusion would be wrong.

Prior to the magical trading on Friday and Monday, Aquinox had been a sleepy little stock in a company going about its research with little interest from traders. It completed its IPO in March of 2014 on the basis of its drug AQX-1125 and its two ongoing phase II clinical trials. The company hoped to develop treatments for chronic obstructive pulmonary disease (COPD) and BPS/IC. The pipeline was even expanded in late 2014, with another phase II program, which targeted atopic dermatitis ((AD)). All of these treatments depend on AQX-1125's ability to redirect signaling in immune cells to reduce their activation and migration and thus reduce inflammation.

At the beginning of June 2015, the company was trading around $8 per share and looking forward to the release of results of its first two Phase II studies in the next couple of months. The company had three analysts following it with price targets ranging from $13-18. Irrespective of analyst support and guidance to 62-125% potential returns based on target prices, the stock garnered little excitement with investors as illustrated by the mediocre average of 32 thousand shares trading hands each day. All was quiet untilJune 25, 2015, when top-line results from the BPS/IC Phase II study was released. The results were notably mixed. The study showed benefit from the treatment, but failed to meet statistical significance for its primary endpoint. Aquinox CEO David Main summed up the study by saying:


"While we did not meet our statistical endpoint, we are encouraged to see in our first BPS/IC trial a positive trend in reduction of pain with AQX-1125 compared to placebo….We believe today's top line data supports further development of AQX-1125 for BPS/IC patients" .

This was Aquinox's first indication of foreshadowing a pivot to highlighting the importance of BPS/IC indication. I highlight that on June 25, 2015, Canaccord Genuity analyst stated the following"AQX-1125's Phase 2 LEADERSHIP trial in BPS/IC missed its primary endpoint. That's never good and the trial is clearly a failure".

So while not a complete failure, Aquinox felt the drug showed enough promise to justify future trials and would go on to examine data for secondary endpoints. Investors showed a little disappointment with the stock trading down 8% (it is noted that an 8% drop was reasonable given the BPS indication was not the indication individuals were focused on - this event caused a limited change in ownership with 174 thousand shares trading hands. Analyst reactions echoed the stock price move with limited concern over the technical failure of the trial. Price targets were slightly reduced to $10-16 per share, but there were no downgrades by research analysts. As one analyst concluded"the development of BPS/IC drug may be more complicated, but not necessarily higher risk" .

Only a short time later onJuly 9, 2015, Aquinox released top-line results from its second phase II study. Unlike the previous trial results, the conclusion was unmistakable. The COPD trial was a complete failure as ABX-1125 showed no efficacy. The company announced it would discontinue its development of the treatment and focus on its more recent technical failure with BPS/IC. On the associated conference call regarding the COPD trial, management went on to further explain that"At this time, we think that the better uses of our resources and energies are on the Bladder Pain Syndrome/Interstitial Cystitis". Analysts' sentiment finally rolled over as they cut target prices to $2-3 per share whilst downgrading the stock. Investors followed suit by trading 2.6 million shares (81 times normal volume) as the share price dropped 67%.

A month later, onAugust 6, 2015, Aquinox followed up on its BPS/IC program with the release of results of secondary endpoints. Most of the secondary endpoints showed ABX-1124 as statistically significant over placebo. Aquinox CEO David Main explained:


"Consistently positive results from multiple secondary endpoints have strengthened our confidence in further development of AQX-1125 for BPS/IC…We believe the next steps for AQX-1125 in BPS/IC include finalizing our pivotal trial designs in consultation with the appropriate regulatory authorities, including the FDA and EMA, to set a path to potential approval" .

While the secondary endpoints did not change the fact the Phase 2 had technically failed as previously press released, it gave some support to the company's decision to move on to a phase 3 trial anyway.

The Real Reason For Aquinox's Historic Run | Low Float With High Volume Stocks

Even though, the initial price jump was in reaction to secondary endpoints and not a successful trial. And even though the company was just continuing on with it previously stated plan to proceed to further trials. And even though, the review of secondary endpoints had been well telegraphed since Jun 25, 2015, "Secondary endpoints are currently being analyzed and will be reported at a future meeting". And even though COPD had previously made up the bulk of Aquinox's value, AQXP's stock held its opening gap and began to run even more.

By the end of the day (on August 7), the price closed at $10.42 and had traded 62.3 million shares. With a float of only 5.7 million shares, the publicly traded shares had a chance to completely change ownership over 10 times.

A quick look at social media provides a glimpse as to where some of the buying came from. From Twitter, we can see comments such asPropshop73 saying"everyone alerted $AQXP in chat at 2.15"andZero Sum Trading commenting"$AQXP $2.2 alert pre-market/previous night's video watchlist. Non-subs having nightmares, what will you miss next?"And from Facebook, we can seeTimothy Sykes posting"So $AQXP has now spiked from the $2s to $9+ today, my chatroom NAILED the buy all morning long and students have made over $400,000 in 3 hours". In message board InvestorsHub, [SMART MONEY]exclaimed:"THIS IS TRADING LIKE SOMEBODY HAS THE FLOAT LOCKED TIGHT". Trademon evenasked,"Is this thing gonna pull a V£TC [VLTC] or what?"(Appendix G illustrates promoters getting involved in the hype).

But that was just the start.This morning, a well-known biotech investor, the Baker Bros, filed a 39.8% position in the stock - on Friday, it purchased 2.5 million shares at an average of $6.98 per share (a 75% discount to current; various purchases have been made as low as $1.97 and as high as $10.75 per share). This appears to have been the final straw for this low float stock. With an even tighter float the stock price traded as high as $55.75 a share. The stock has traded 13.6 million shares today and currently trades at $28.13. However, the float size has been significantly reduced after the Baker Bros Friday purchases. With a new float of roughly 3.2 million shares, today's trading implies almost two times the float and counting has traded.

The stock has been in its own world today trading up to $18 per share pre-market with multiple volatility halts. By 10am the stock had hit $55.75 before regressing back to high $20s currently. Short-term moves and commentary aside, the stock has left all fundamentals behind. The company still has to proceed forward with its phase 3 trial and prove out a similar primary endpoint to the one it just missed statistical meaningfulness on.

Baker Bros is a legitimate long-term investor. It is clear it saw value in the stock at the prices it paid. But it wasn't the one driving the price 5 times higher to 55. That magnificent move is brought to us by short-term traders who don't really care about the underlying business. Low float stocks can amplify even the smallest results with massive increases in share appreciation as day traders and the like pile in. As we have seen recently, a huge price surge in a low float stock is often a game of musical chairs by day traders. Everyone wants to play, but not everyone can get out when the music stops. And we have seen what happens when the music stops in stocks in various stocks including the following (refer to Appendix H for charts on selected stocks):

(click to enlarge)

From the table above, notice that AQXP's appreciation is higher than any other stock. I believe this implies the stock has lots of room to fall.

Potential Catalyst | A Likely Financing In The Works

And it is not just traders who are going to be looking for an opportunity to sell. From the very same press release that announced the positive results on secondary endpoints, Aquinox stated"Aquinox expects its cash, cash equivalents and short-term investments to be sufficient to continue operations and fund currently planned activities through the second quarter of 2016". There is no chance Aquinox can complete any drug programs in only 9 more months (the phase II studies took two years). Bottom line is that if Aquinox wants to continue as a company and even attempt to get its trials through to completion, it will need to raise more cash.

Funny thing is, like the secondary endpoint justification, the company has also clearly telegraphed its intention to raise additional funds. OnApril, 1, 2015, Aquinox filed a shelf registration to sell $150 million of stock. The SEC ruled the S-3 effective onApril 9, 2015, but so far there has been no announcement of any stock sales. And that is understandable, as it is hard to sell $150 million of stock when only around $300,000 of stock trades per day. It is no coincidence that the $150 million shelf was set up months before trial results on two of AQXP's three main indications - what I am suggesting is that management knew that the trial results, one way or another, would generate the additional trading volume that was needed to complete such stock sales from this shelf. And while it may have been disappointed with the results of releasing its top-line data in June and July, it could not have hoped for better volume than what secondary endpoints produced in August. Just as low float and short-term traders can do wonders for a stock on the upside, dilution and short-term traders can be just as dramatic on the downside. And dilution is coming, but at what levels?

AQXP's Formidable Competition | Allergan Picks up a BPS/IC Asset - Not Aquinox

AQXP is up against formidable competition which includes the likes ofAllerganand TARIS Holdings LLC,Theracoat Coatings,Allergan chose partner TARISto take out which is also in phase 2 trials for the treatment of BPS/IC. Allergan has invested or committed to invest up to $588 million ($67.5 million upfront cash, up to $295 million in development milestone payments, up to $225 million in commercial milestone payments). AGN's upfront payment alone matches the R&D that AQXP has spent on R&D from its inception until Q2 2015 in the amount of $67.6M. InAugust 2014, Allergan chose TARIS which bodes poorly for AQXP shareholders (Refer to Appendix C for calculation of AQXP's enterprise value at the time). A very simple question, why would Allergan pay $67.5 million upfront for TARIS when it could pick up Aquinox for $27 million? Fast forward to today, and one can surmise that if Allergan was not willing to buy AQXP for $27 million, then it would be even less likely to purchase the stock today with the current market capitalization over $300 million (Refer to Appendix B for calculation for current enterprise value). Refer to Appendix D for additional information on competitors.

It is noteworthy that the last oral therapy approved by the FDA wasElmiron in 1996. Elmiron has $279 million of annual sales (source) which indicates that any winners from the above indications, whether Allergan or AQXP, will fight with an old dog that owns the market for oral therapies in the space. With Elmiron's $279 million in current revenue, does this imply that even with a 50% market share that Aquinox's sales potential is a fraction of what research analysts are using to justify its current $2-3 per share valuation.

Outside of competitive risks, Aquinox faces many other potential headwinds.

Key Outstanding Risks Relating To Potential Launch Of BPS/IC Indication

Aquinox faces various challenges in achieving success with its BPS/IC Indication:
1.Regulatory risk - faces the challenge of designing a registrational trial for approval of the indication
2.Commercialization risk - will need to be able to bring the product to market at profitable levels
3.Partnership risk - will need a partner to commercialize the product and market it with clinicians
4.Financing risk - unlikely to have sufficient cash given high probability of moving forward with the phase 3 study
5.Trial duration risk - the phase 2 trial for BPS/IC was a short six weeks which compares to a twelve-week trial for the one player in the game Elmiron. The impact of this is that the confidence on both primary and secondary indications is less meaningful

What Could BPS/IC Indication Valuations Be?

Provided the failure of its COPD indication and with a bulk of the company's valuation being derived from this indication, it appears that value has been eroded, despite the recent trading. Baker Bros has picked up stock at $6.98 averages (an 75% discount to current). With Cowen's update this morning, the stock has 50% downside to these levels.

Cowen:On July 10, 2015, the Cowen and Company research report notes "AQXP will no longer pursue COPD, now focusing development efforts on BPS/IC",and as a result of the loss of this key indication, the target price was dropped by $16.44 to $3.00 implying the value of the COPD trial maintained the bulk of Aquinox's value. According to Cowen"We are lowering our target to $3 after removing COPD from our pNPV based price target"- it is implied that the COPD trial made up $13.44 of AQXP's valuation (or 82% of the valuation). Cowen's base case assumptions already assumed positive endpoint data "AQX-1125 shows improvements versus placebo in LEADERSHIP Phase 2 BPS/IC secondary endpoint and other data"and quite a few ifs:"AQX-1125 is able to reach 50% penetration rates for BPS/IC""AQX-1125 has a good side effect profile", a 2019 product launch with $1.3 billion of sales and a royalty model attributing 20% economics to AQXP.

If I take the June 25, 2015, Cowen report, eliminate the COPD indication which has failed and provide a 100% probability of success to the BPS/IC indication (up from its assumed 15%), I get a $9.67 target share price on this indication. We all know research analysts are usually more generous than not. Fast forward to this morning and all of a sudden AD has $2.81 of value which was not previously included in Ritu Baral's model - I have no idea where this magically appeared from. There has been no new public information on this indication. Also, with a lower noted peak sales and a similar 2019 launch, somehow with a 40% chance of success, the BPS/IC indication is now worth $10.83 - my assumption is that the main difference is the discount factor that Ritu is using. She has probably just de-risked the indication, although based on the last section, it's easy to determine that the drug potential still has significant risk.

The Cowen analyst has now assumed like I have that this drug will move on to phase 3 trials; however, this will be no piece of cake given it will try to prove the same primary endpoints. Despite all this, Cowen's shiny new target price of $14 per share from today has an 50% downside from here.

Jefferies:Like Cowen onJuly 10, 2015, Jefferies reduced its price target from $13 to $2 as a result of the COPD indication failure. Once again, this implies a value of $11 per share for the COPD trial making up 85% of Aquinox's valuation. Jefferies' outlook on potential sales is a fraction of that of Cowen's,"We are removing the revenues of AQX-1125 in COPD and now currently expect a peak risk-adjusted revenue of $226M (v. prev $393M) in 2028 for AQX-1125" although it still expects $808 million in sales on an unadjusted basis by 2018 - the difference being a 72% risk discount.

Canaccord Genuity:Bullish investors on Aquinox will suggest that Dr. Corey Davis from Canaccord Genuity is the one research analyst who had the AQXP story right. The problem with this assumption is that Dr. Corey Davis is the only analyst to not have updated his research since June 25, 2015, which is clearly prior to the COPD trial fail.

All three research analysts point to $2-3 per share of value for the BPS/IC indication. It is noted that these valuation levels assume that AQXP is able to achieve significant market share, but the risk is further heightened given the competitive market in BPS/IC indications.

Inex Pharmaceuticals | David Main's Poor History

In 1999, David was appointed the CEO of Inex Pharmaceutical (formerly TSX listed, now delisted) andin his letter to shareholdersstated he was appointed to"complete this Company's transition from a technology-driven organization to one dedicated to bringing products through development and commercialization". Five years and three useless partnerships later, Inex was right back to where it started when David Main was appointed to lead the company. InJune 2005,"chief executive officer David Main and two other executives are departing as the company continues to slash its workforce in a bid to conserve cash and chart 'a new strategic path'".In the end, David and Inex failed with shareholder value being wiped out as illustrated in the following chart:



Refer to Appendix A for additional details on the failed partnerships entered into by Inex with David Main steering the ship. Refer to Appendix E for a show of how little David is invested in both Inex and Aquinox. Refer to Appendix F for a material error made and then fixed in recent management disclosure.

Final Thoughts | The Stock Is Up for No Reason Other Than Its Low Float

I would be the first to be excited if a bladder pain indication could work; however, various questions remain regarding regulatory, commercialization, partnership, financing and currently defined trial risks. In conclusion, AQXP is a low float stock with limited trading that is struggling to develop a family of anti-inflammatory drugs. After a couple of early disappointments, it finally produced some positive results that caused the stock to explode in price and volume due to heavy activity by short-term traders. The company is fully prepared to conduct an offering and needs to do so to complete its drug program. While the company has a long-term chance at being successful, the short-term mix of a likely offering and heavy participation of short-term traders leaves significant downside potential for the stock price.


Read more: http://www.nasdaq.com/article/aquinox-p ... z3iVhDAaat[/color]

[Premium]

Ja die liebe Hillary, Medikamente in Kanada zu kaufen und das Problem ist gelöst. Da wird sich mit und ohne Hillary nicht so rasch etwas ändern, ich bin da sehr ruhig und sehe nun evtl. sogar noch Kaufkurse bei Pharmawerten! Roche, Novn oder eine Valeant sehen optisch günstig aus;-)

Cosmo wird dann nächste Woche noch den Investora Event abhalten (01.10.15).



Hillary Clinton schickt Biotech-Titel auf Talfahrt


Ein Hedge-Fund-Manager kauft die Rechte an einem Medikament, erhöht den Preis um das 55-fache und erntet Zorn von Hillary Clinton. Als Folge sinken die Kurse von Biotech-Titeln an der Wall Street.

Die demokratische Präsidentschaftskandidatin Hillary Clinton hat in einer Twitter-Nachricht der «Preistreiberei» am Markt für Spezialmedikamente den Kampf angesagt. Daraufhin brachen einige Titel weg: Der Nasdaq Biotechnology Index brach 4,4 Prozent ein und die Anteile von Merck & Co. gaben 2,2 Prozent nach.

Hintergrund des Tweets ist eine Story der «New York Times», wonach ein Medikament über Nacht massiv verteuert wurde – von 13.50 Dollar pro Tablette auf 750 Dollar. Die Rechte am Medikament – Darapim – wurden zuvor von einem ehemaligen Hedge-Fund-Manager aufgekauft. Der Preisanstieg sei mittlerweile wieder rückgängig gemacht worden, meldeten diverse Online-Portale. Darapim wird unter anderem zur Behandlung von Aids eingesetzt.



Price gouging like this in the specialty drug market is outrageous. Tomorrow I'll lay out a plan to take it on. -H https://t.co/9Z0Aw7aI6h

— Hillary Clinton (@HillaryClinton) 21. September 2015



Den stärksten Kursverlust in dem Nasdaq-Subindex verzeichnete mit einem Minus von 16,8 Prozent Sequenom Inc. Das hing allerding nicht mit Hillary Clinton zusammen; bei dem Gentechnikunternehmen ging CEO William J. Welch von Bord, um andere Interessen zu verfolgen. Die Zügel übernimmt zwischenzeitlich Dirk Van Den Boom, wie Sequenom mitteilte.

Auch die Anteile von ImmunoGen Inc. standen unter hohem Druck. Die Biotechnologiefirma, die Krebsmittel entwickelt, wurde von Morgan Stanley auf «Untergewichten» abgestuft, auch weil die Konsenserwartungen über den möglichen Erfolg der Phase- II-Studie von IMGN 853 zu optimistisch blieben. Die Aktie ging 15,9 Prozent niedriger aus dem Handel, nachdem sie bereits am Freitag mehr als zehn Prozent verloren hatte.
Starke Finanzwerte

Während die Biotech-Branche einen fiesen Wochenstart erlebt hat, tendierte die Wall Street allgemein fester. Anleger betrachteten die Wachstumsaussichten im Lande positiver, nachdem drei Vertreter der US-Notenbank am Wochenende eine Zinserhöhung dieses Jahr als gerechtfertigt bezeichnet hatten. Der Dow Jones Industrial Average stieg um 0,8 Prozent auf 16’510,19 Punkte, während der breitere Standard & Poor’s 500 mit 1966,97 Zählern 0,5 Prozent fester aus dem Handel ging. Unter den zehn grossen Branchengruppen im S&P 500 waren vor allem Werte aus Finanzwesen und Informationstechnologie gesucht.

«Am Montag gab es eine Rally, weil der Markt am Donnerstag und Freitag zu weit gegangen ist», sagte Stanley Nabi, Vice Chairman of Silvercrest Asset Management Group in New York, mit Blick auf die Kursverluste Ende der vergangenen Woche. Nach der Entscheidung der Fed, ihren Leitzins unverändert zu lassen, hatte die Wall Street am Donnerstag und Freitag Federn lassen müssen.

Quelle http://www.handelszeitung.ch/invest/hil ... hrt-866594

Gruss
Premium

[rogueT]

Heute ist ein interessanter Tag. Erstens sind die Märkte etwas beruhigt, dass die Yellen gesagt hat, dass sie bis Ende Jahr doch noch die Zinsen anheben will (man muss sich das zwei- dreimal selber vorlesen um es zu glauben, aber es ist so, die Börsenpsychologie hat geschwenkt, jetzt heisst es Zinserhöhung = Wirtschaft läuft gut, keine Zinserhöhung = oha, China et al ziehen uns ins Verderben).
Zweitens ist Biotech trotz freundlichem Gesamtmarkt deutlich im Minus. Ich bin schon eine Weile der Ansicht, dass der Zinszyklus diesem Hype den Garaus machen wird. Neu ist nun auch klar, dass eine Clinton im Weissen Haus der Branche abträglich ist. Ein mögliches Szenario wäre, dass Anfang nächsten Jahres sowohl die Zinsen, wie auch die Aussichten auf einen Wahlsieg von Hillary steigen und Biotech kräftig abverkauft wird.
Der Schwäche jetzt traue ich noch nicht so recht, so ein starker Trend stirbt selten im ersten Anlauf. Aber von einer LABD bspw. werde ich zu gegebenem Zeitpunkt wohl kaufen.

[Premium]

Washington attackiert Pharmasektor

Die Demokraten fordern eine Untersuchung gegen überhöhte Preise des Medikamentenherstellers Valeant. Heftige Kursrückschläge im Pharmasektor drückten die US-Börsen am Montag tief ins Minus.

Wallstreet ist mit deutlichen Kursabgaben in die Woche gestartet. In New York schloss der S&P 500 (SP500 1881.77 -2.57%) am Montag auf dem tiefsten Stand seit dem Einbruch von Ende August. Gemessen am Rekordhoch vom Mai hat der US-Leitindex damit rund 12% verloren und notiert seit Anfang Jahr insgesamt fast 9% im Minus.

Für Nervosität unter Anlegern war zunehmende Angst um den Rohstoffriesen Glencore verantwortlich. Ausserdem sorgten erneut Nachrichten aus dem Gesundheitssektor für Druck auf die Aktienkurse.

Vertreter der Demokratischen Partei im Repräsentantenhaus fordern eine parlamentarische Untersuchung gegen Valeant Pharmaceuticals. Sie verlangen vom Unternehmen Dokumente, mit denen es die frappante Preiserhöhung für zwei Medikamente erklären soll. Zudem wollen sie Valeant-Chef Michael Pearson (PSON 1103 -0.81%) zu einem Hearing nach Washington zitieren.

Konkret geht es um zwei Herzpräparate, deren Patente Valeant im Zug einer Übernahme erworben hat. Am Tag, an dem die Akquisition vollzogen wurde, erhöhte der Konzern die Preise für die beiden Arzneimittel gemäss dem «Wall Street Journal» um 525 respektive 212%.

Die Aktien von Valeant verloren am Montag fast 17%. Der Angriff folgt wenige Tage nachdem sich Hillary Clinton den Kampf gegen die wachsenden Kosten in der US-Gesundheitsbranche auf die Fahnen geschrieben hat. In einer Rede im Bundesstaat Iowa kündigte die demokratische Präsidentschaftskandidatin vergangene Woche an, sie werde den rasanten Anstieg der Preise für verschreibungspflichtige Medikamente stoppen.

Die politischen Attacken verunsichern Investoren. Unter Druck gerieten zu Wochenbeginn vor allem Biotech-Aktien wie Gilead (GILD 94.8 -5.33%) Sciences, Amgen (AMGN 132.24 -4.54%) und Biogen (BIIB 272.28 -4.39%). Der Nasdaq Biotechnology (Nasdaq Biotechnology 3050.832 -6.02%) Index verlor am Montag 6%. Er hat seit dem Rekordstand vom 20. Juli mehr als 25% eingebüsst, was an der Börse als Bärenmarkt bezeichnet wird.

Erhebliche Einbussen erlitten ebenso die Valoren von grossen Pharmakonzernen wie Pfizer (PFE 30.82 -3.36%), Bristol-Myers (BMY 57.46 -4.61%) Squibb und Eli Lilly (LLY 79.74 -5.14%). Auch in der Schweiz hinterlassen die politischen Diskussionen in den USA Spuren. Die Pharmawerte Actelion (ATLN 120.5 -2.51%), Novartis (NOVN 87.3 -1.69%) und Roche (ROG 249.8 -1.15%) (RO 249.1 -1.64%) sind am Dienstag schwach gestartet.

Quelle FuW

[rogueT]

Sieht danach aus, als bekäme ich recht, kann mir davon allerdings nichts kaufen, denn die Shorts habe ich nie angesetzt, dachte es wäre noch etwas früh. Wenn einmal heisse Luft aus der Blase strömt, dann sind die Gründe, die die Finanzpresse nachliefert schon fast zweitrangig. Biotech korrigiert wegen der Demokraten und die US-Werte im allgemeinen wegen China - defacto waren aber beide einfach schon zu lange zu weit gelaufen.