A High-Profile Biotech Meltdown (and a Pot Story You Won’t Believe)
Concerns over the Fed’s dovish surprise couldn’t put a lid on the market’s comeback rally.
Stocks continued their ascent through most of last week, pushing the S&P 500 and Nasdaq Composite to new 2019 highs.
The tech-heavy Nasdaq blazed the trail, gaining nearly 1.5% on the last Thursday. It’s now up more than 16% year to date. The S&P’s not that far behind, sporting a year-to-date gain of more than 12%.
The averages are now one step closer to retaking their October highs, but…
Things Getting UGLY for Biogen
Unfortunately, a high-profile meltdown put a lid on the biotech sector Thursday.
Biogen Inc. (NASDAQ: BIIB) shares cratered nearly 30% Thursday morning after the company announced it was pulling the plug on the clinical trials of its once-promising Alzheimer’s drug aducanumab.
Thursday’s 29% drop marked the worst day for Biogen shares in 14 years, CNBC notes.
If you follow Ray Blanco’s work, you were nowhere near this stock when it plummeted.
Ray saw the writing on the wall back in early February when Roche terminated a similar Alzheimer’s treatment. That’s when he urged his regular readers to ditch Biogen stock.
“To date, we’ve found nothing that modifies the progression of this disease,” Ray explains.
Judging by the failures at Roche and now Biogen, it appears the most promising Alzheimer’s theory, the amyloid hypothesis, isn’t leading to a viable treatment.
“According to this theory, Alzheimer’s occurs because of a buildup of deposits, or plaques, of amyloid beta proteins,” Ray continues. “These accumulations damage and kill brain cells, which, over time, begin to number into the millions and billions. The loss of brain cells manifests in cognitive decline.”
Now it’s back to the drawing board for the next generation of innovative companies searching for that elusive cure…
Meanwhile, you’ll soon be able to purchase CBD products at your neighborhood drugstore.
An Unlikely yet Likely Union
CVS Health Corp. (NYSE: CVS) will begin to sell CBD products in its stores as early as this week thanks to a new deal with Canadian-based Curaleaf Holdings Inc. (OTCBB: CURLF).
The company announced on a conference call that its products would be available in 800 stores to start, Bloomberg reports. Its U.S.-listed stock jumped more than 30% to new highs following the news.
It’s amazing how quickly public opinion is shifting in favor of cannabis and CBD products. CVS banned cigarette sales at all its stores just a few years ago.
Now the company is racing to stock its shelves with popular hemp products. It’s only a matter of time before you’ll be able to buy these products everywhere…
For Technology Profits Daily,
Chief Trading Expert