Diamonds and Dogs
Drug and biotech stocks acting better. Bristol (BMY) is up 1.5% continuing momentum from the merger with Celgene. Kodiak Science (KOD) is jumping 62% after taking in $225 million for selling royalty rights to one of their promising drugs. Clovis Oncology (CLVS) is up 10% on M&A speculation.
Tech taking it on the chin. The tech sector is down 1.6% led by interactive software firm, Roku (ROKU). Roku is down 15% on a downgrade from Morgan Stanley. After rising five-fold since the start of the year, the analyst at Morgan Stanley said its time to take profits, anticipating slower growth in active users and advertising. The new price target is $110 a share or 18% higher than current levels.