There were big moves and subsequent pullbacks today for many biotech and healthcare stocks. Continuing the recent theme of inconsistent trading, most symbols struggled to maintain momentum throughout the session. AMRN, for example, was up very sharply at the open, moving up from around $12.00 to a high of $14.64, and then proceeding to give up those gains through the latter part of the session. Another example is FCSC, which was initially boosted by rumors of an FDA contract which ended up being true. However, after moving higher for the second day in a row initially, the stock proceeded to sell off to where it ended off trading lower than yesterday’s close. Overall, this was a recurring theme, making it more prudent to look for sharp pullbacks in existing trends for entries. Here’s a recap of the action.
