💊 IBB Down Amid Slower GDP; Regeneron, Biogen, Alnylam Impact Biotech Sector Performance | Biotech Sector Insights
(IBB) has experienced a decline of 1.2% since Wednesday. The U.S. private sector added 233,000 jobs in October, surpassing expectations and highlighting robust labor market conditions, while GDP growth slowed unexpectedly to an annualized rate of 2.8% for Q3.
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Thursday, October 31
IBB [-1.2%]
iShares Biotechnology ETF (IBB)
The iShares Biotechnology ETF (IBB) has experienced a decline of 1.2% since Wednesday. The U.S. private sector added 233,000 jobs in October, surpassing expectations and highlighting robust labor market conditions, while GDP growth slowed unexpectedly to an annualized rate of 2.8% for Q3. Among the ETF's holdings, Regeneron Pharmaceuticals (REGN) faced significant pressure due to disappointing sales of its Eylea drug despite strong overall Q3 earnings. IQVIA Holdings (IQV) reported better-than-expected Q3 results but lowered its full-year guidance. Biogen (BIIB) suffered from a stock downgrade linked to its Alzheimer's drug launch, and Alnylam Pharmaceuticals (ALNY) reported a third-quarter loss and missed revenue estimates while planning a Phase 2 study for an Alzheimer's treatment.