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Biotech Performance 'Particularly Impressive,' Says JP Morgan

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In a biotech industry overview on Tuesday, analysts at JP Morgan noted that biotech should outperform the NASDAQ, S&P 500 and Russell 2000.

The NYSE ARCA BIOTECH INDEX (NYSE: BTK) and NASDAQ Biotechnology (NASDAQ: NBI) have gained 9.1 and 7.4 percent, respectively, this year.

The analysts said that the recent rally has been “liquidity driven,” which is the reason that BTK outperformed NBI.

Specific company performance, however, has been mixed with the performance of key pharmaceuticals. JP Morgan analysts noted that Gilead Sciences, Inc. (NASDAQ: GILD) did well as Harvoni prescriptions continue to grow. Gilead is higher by nearly 10 percent this year.

AbbVie Inc (NYSE: ABBV) and Enanta Pharmaceuticals Inc (NASDAQ: ENTA) have not done as well with its Viekira Pak.

Finally, the analysts said that biotech’s outperformance was “particularly impressive” in light of sector rotation and the pending resignation of the FDA Commissioner. 

Latest Ratings for GILD

DateFirmActionFromTo
Nov 2020Morgan StanleyReinstatesEqual-Weight
Oct 2020BMO CapitalMaintainsMarket Perform
Oct 2020Cantor FitzgeraldReiteratesOverweight

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