💊 Biotech Slide: Ionis and Vertex Plunge on Downgrades and Losses, Moderna Dips Despite ARK's Buy, Argenx and Exact Sciences Falter with Biogen in a Sector-Wide Slump | Biotech Sector Insights
The US Non Farm Payrolls report for July revealed only 114,000 jobs added, significantly below expectations, alongside a weaker-than-expected increase in average hourly earnings and a rise in the unemployment rate to 4.3%.
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Below are AI-generated insights on moves in the health care/biotechnology sector, powered by MarketReader technology.
Friday, August 2
IBB [-2.0%]
The iShares Biotechnology ETF (IBB) has seen a decline of 1.6% since Thursday. Key holdings contributed negatively, with Mettler-Toledo International Inc. reporting a drop in year-over-year earnings despite beating adjusted EPS estimates. Moderna Inc. faced downward price target revisions from multiple analysts, although ARK Investment acquired a substantial number of shares. The US Non Farm Payrolls report for July revealed only 114,000 jobs added, significantly below expectations, alongside a weaker-than-expected increase in average hourly earnings and a rise in the unemployment rate to 4.3%. Additionally, the Russell 2000 Index has declined by over 3%, reflecting broader market sentiment that may also influence the IBB's performance.