💊 IBB Drops, Moderna's Decline and Macroeconomic Concerns Weighing on Biotech | Biotech Sector Insights
Among the ETF's holdings, Moderna reported a significant drop in first-quarter revenues, contributing negatively to IBB's performance. Regeneron Pharmaceuticals is set to present new oncology data at the 2025 ASCO Annual Meeting, coinciding with a lowered price target from Guggenheim.
Welcome to the MarketReader Minute.
Below are AI-generated insights on moves in the health care/biotechnology sector, powered by MarketReader technology.
Thursday, May 1
IBB [-0.5%]
iShares Biotechnology ETF
The iShares Biotechnology ETF (IBB) has experienced a decline of 0.5% since Wednesday. Recent social media discussions highlighted research from VCU on semaglutide's potential for treating fatty liver disease and advancements by Eupraxia Pharmaceuticals in osteoarthritis treatments, both tagged with IBB, suggesting a focus on innovative biotech developments. Among the ETF's holdings, Moderna reported a significant drop in first-quarter revenues, contributing negatively to IBB's performance. Regeneron Pharmaceuticals is set to present new oncology data at the 2025 ASCO Annual Meeting, coinciding with a lowered price target from Guggenheim. Additionally, macroeconomic indicators showed a contraction in the U.S. manufacturing sector and an unexpected decline in construction spending, which may further influence market sentiment. The iShares iBoxx High Yield Corporate Bond ETF (HYG) also declined, reflecting broader market trends potentially affecting IBB.