Biotech stocks rebounded in the week ended July 23, thanks to the broader market strength. The sector also benefitted from the optimism that was set in motion by the solid start to the pharma reporting season.
Big pharma companies, including Johnson & Johnson (NYSE: JNJ) and Novartis AG (NYSE: NVS) reported forecast-beating results and issued positive guidance. Preannouncements from the space were also largely positive.
Moderna, Inc.’s (NASDAQ: MRNA) buoyancy spilled over into the week. The …
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