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Why Stocks Retreated As This One Biotech Doubled

Investors took profits in Nasdaq after the index gained for five straight weeks. Nvidia (NVDA), Alphabet (GOOG), and Netflix (NFLX) led the decline. Meta Platforms (META) dropped by 1.76%, finding support on its 50-day simple moving average. Zuckerberg, who did not sell a single share in 2022, unloaded around 682,000 shares to net $185 million.

Traders want to lock in profits in case job reports this week are too strong. The market needs weak hiring and jobs for the Federal Reserve to justify its pause on interest rates.

In the biotech sector, EyePoint (EYPT) shares nearly doubled to $19.59, up 196%. The company announced a Phase 2 trial for anti-VEGF therapy (EYP-1901) to meet its main goals for wet age-related macular degeneration. The study also achieved a secondary endpoint for EYP-1901 doses. The experimental therapy has a favorable safety profile. The study observed no drug-related ocular or systemic serious adverse events.

Last week, AbbVie’s (ABBV) acquisition of ImmunoGen for $10 billion raised market demand for biotech stocks. Before that, on Nov. 1, CRISPR Therapeutics (CRSP) rallied. The FDA advisory committee reviewed its CRSPR/Cas9 gene-edited therapy for severe sickle cell disease (SCD). The AdCom meeting is a positive development ahead of the approval of exa-cel for SCD on or before Dec. 8, 2023.
In the last month, Pacific Bio (PACB) and Intellia Therapeutics (NTCL) gained, thanks to CRISPR shares outperforming the markets.