Dyax Corp And Juno Therapeutics Share Soar As Exact Science And PDL Bioscience Stock Fall To The Floor Following Index Rebalance

Around Midday on Thursday Dyax Corp DYAX shares soared over 10% and Juno Therapeutics JUNO rose ~8 percent ahead of reports that NYSE Arca Biotechnology Index BTK rebalanced its portfolio on Wednesday. Dyax and Juno Therapeutics will replace PDL Bioscience PDLI and Exact Science EXAS , both stocks fell ~3 percent before reports could confirm the rebalancing.

Action in all 4 biotech stocks was compounded as First Trust's NYSE Arca Biotech Index Fund FBT would also be rebalancing. According to a note received by Benzinga produced by Cowen Group, the First Trust fund reportedly made the following transactions:

• Added 3,776,600 shares of Dyax Corp 
  Added 1,972,00 shares of Juno Therapeutics
• Deleted 20,076,800 shares of PDL BioPharma
• Deleted 4,559,00 shares of Exact Sciences

Just after 1:00PM EDT First Trust's NYSE Arca Biotech Index Fund traded up almost 2.30 percent.