💊 VCYT Soars on Earnings Beat, HALO and ZLAB Shine, ACAD Plummets on Downgrades, EXEL and MNKD Impress | Biotech Sector Insights
BeiGene Ltd reported strong Q2 2024 GAAP earnings per share, surpassing estimates, and its sales exceeded expectations, contributing positively to the ETF's performance. Additionally, Illumina's Q2 earnings, while missing estimates, showed a year-over-year increase and revenue.
Welcome to the MarketReader Minute.
Below are AI-generated insights on moves in the health care/biotechnology sector, powered by MarketReader technology.
Wednesday, August 7
IBB [+1.3%]
The iShares Biotechnology ETF (IBB) has seen a price increase of 1.3% since Tuesday, driven by significant movements among its holdings. BeiGene Ltd reported strong Q2 2024 GAAP earnings per share, surpassing estimates, and its sales exceeded expectations, contributing positively to the ETF's performance. Additionally, Illumina's Q2 earnings, while missing estimates, showed a year-over-year increase and revenue slightly above expectations. Barclays and UBS responded by raising their price targets for Illumina while maintaining their ratings. Other contributors to the ETF's performance included MRNA, REGN, VRTX, and ILMN, all of which posted notable returns.