SunTrust Highlights Upcoming Pharma Calendar, Favorite Names
As the new week starts, SunTrust gave multiple reasons why they believe the pharmaceuticals group can outperform in 2016. SunTrust believes upward pressure on pharma names can be attributed to innovative new product cycles, accelerating long-term growth rates, an attractive 3 percent dividend yield and a favorable rising interest rate environment.
To take advantage of pricing concerns, SunTrust reviewed what may be key meetings and conferences this week in the pharmaceuticals sector.
- European League Against Rheumatism: June 8-11
- European Hematology Association: June 9-12
- American Headache Society: June 9-12
- American Diabetes Association: June 10-14
- Associated Professional Sleep Societies: June 11-15
As for their favorite names in the space, based on growth and value, SunTrust said Bristol-Myers Squibb Co (NYSE: BMY), Eli Lilly and Co. (NYSE: LLY) and AbbVie Inc (NYSE: ABBV). However, Shire PLC (NASDAQ: SHPG) is actually their top name, and Supernus Pharmaceuticals Inc (NASDAQ: SUPN) rounds out their bullish picks as a specialty pharma "catch-up" trade.
The iShares NASDAQ Biotechnology Index (NASDAQ: IBB) was trading down 0.91 percent at $265.17.
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