But on Monday the Nasdaq biotech ETF surged 3.4%, its biggest daily percentage gain in seven months. Driven by Lilly shares, the pharmaceutical index also gained 0.66%, outperforming the 0.08% drop for the S&P 500."This might just be the catalyst biotech investors needed to get this group back on track," said Sahak Manuelian, head of equity trading at Wedbush Securities.
Ahead of the decision, Wall Street analysts were split over aducanumab's prospects for approval, leading to the big share price reaction on Monday as the decision caught some investors off guard. The approval “creates a little bit of a halo effect on biotech in general so you see the whole group trade higher on that now,” said Walter Todd, chief investment officer at Greenwood Capital Associates in South Carolina.
With U.S. President Joe Biden yet to name a permanent head of the Food and Drug Administration - the industry's main regulator - that uncertainty has clouded the outlook for biotech and pharma stocks, Gade said. The industry has also seen some high-profile setbacks in recent months, such as disappointing clinical data for Sarepta Therapeutics'More broadly, Todd said, many health stocks have been out of favor as investors have centered attention on bank, energy and other stocks as the U.
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