It's A Bad Day For Biotechs

Biotech stocks are off to a rough start on Thursday, especially Celgene Corporation CELG, as shares plummeted to a new 52-week low of $95.50.

Celgene reported Wednesday mixed third-quarter results, but investors appear to be fixated on the company's 2020 guidance update. The company revised its 2020 earnings per share guidance from more than $13.00 to more than $12.50 per share. Revenue for 2020 was also lowered from more than $21 billion to a new range of $19 billion to $20 billion. Celgene's revised longer-term outlook appears to be impacting the entire sector as evidence by a 2-percent decline in the biotechnology" exchange traded fund, the iShares NASDAQ Biotechnology Index (ETF) IBB. Another commonly used ETF to track the biotech sector, the SPDR S&P Biotech (ETF) XBI, was lower by over 1.5 percent. Related Links: BMO: Biogen's Risks Quickly Becoming Priced In, But This May Not Be The Bottom Tuesday's Biggest Stock Mover: Pain Therapeutics A Pleasure For Investors

The negative overhang from Celgene's earnings report appears to be taking precedent over favorable news. For example, Amgen, Inc. AMGN reported a better than expected third-quarter report and even raised its full-year fiscal 2017 outlook, but the stock was trading lower by over 1.6 percent after Thursday's opening bell.

Here is a summary of how other notable names in the biopharmaceutical space.

• AbbVie Inc ABBV: Down 4.11 percent at $88.00.
• Gilead Sciences, Inc. GILD: Down 1.74 percent at $78.50.
• Biogen Inc BIIB: Down 1.75 percent at $309.11.
• Sarepta Therapeutics Inc SRPT: Up 0.92 percent at $48.81.