Biotech stocks enjoying best-ever start to the year
A string of upbeat news around this week’s Jpmorgan Healthcare Conference has helped propel biotechnology stocks to their best-ever start to the year.
The Nasdaq Biotechnology Index, a bellwether of sentiment, has seen a 13% jump in 2019 after Bristol-myers Squibb Co. kicked off the year with a record takeout of Celgene Corp. The nine-day winning streak is the longest in five years and the best start to a year since the index was created in 1993. The broader S&P 500 is up 3.6% year-to-date, while the S&P 500 Health Care Index is up just 1.6%. BLOOMBERG