08Jun11:25 amEST

Don't Let the Door Hit You in the ASCO on the Way Out

On the whole, the price action in many biotechnology stocks during the latest ASCO conference is one plenty of biotech bulls would soon forget, as the market gave us a plethora of bios gapping down 10-30%, or more, over the last week.

While it is usually a mistake to view a sector-specific conference like ASCO as a panacea (literally and figuratively in this case, I suppose), I am sure biotech bulls expected better action from the likes of BPMC JNCE NKTR, among others.

On the bright side, LOXO seemed to emerge as a bonafide winner, as that name works off its extended conditions as we speak and should be stalked next week for a new long entry.

On that note, two other bios which held up well into this volatility are AGIO and NBIX, both names we have traded and featured at various points for Members in recent weeks and months. On their respective daily charts, below, AGIO NBIX have fared well and are actually setting back up into next week, too, alongside LOXO.

And when you combine this action with some healthcare dogs like TEVA VRX waking up and showing actual signs of life, it adds credence to the idea that capital is still flowing into the healthcare/biotech complex--We just need to avoid event-driven blow-ups like what we saw at ASCO.

But even with ASCO behind us, the usual risk of FDA decisions and drug-specific news is more than enough risk for us to deal with on a daily basis, anyway. 

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