Biotech Stocks Back in Favor: Will the Rally Continue?
The biotech sector got a shot in the arm last week thanks to two major developments that led to a rally in the sector. The first catalyst was Gilead Sciences’ GILD decision to acquire immunotherapy focused company, Kite Pharma KITE and the second was the FDA approval of the first gene therapy in the United States – Novartis AG’s NVS Kymriah. Gilead has been under a lot of pressure to utilize its huge pile of cash for a major acquisition deal given the dwindling sales of its erstwhile top-selling hepatitis C virus ("HCV") franchise […]