BUZZ-U.S. biotechs trip while stocks march higher

Tue Jun 7, 2016 11:13am EDT
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** S&P Health Care index only sector in the red, down 0.5 pct, as sour biotech news caps broader market gains

** Nasdaq Biotech Index off 2.4 pct, paring earlier losses. Index fell more than 3 pct, its biggest drop in nearly a month

** Biogen (-13 pct) and Alexion Pharmaceuticals (-11 pct) biggest drags on S&P 500 after reporting their respective drugs failed in trials

** Though both stocks off by similar percentage, trader notes more bearish sentiment around ALXN as investors were factoring in high probability its Soliris drug would succeed

** And Valeant continues to cast a pall on sector after troubled Canadian drugmaker slashes its forecast again; NYSE-listed shares drop as much as a fifth before recovering a bit

** Meanwhile, SPX rises 0.3 pct, hits an 11-month high; SPX up 3.5 pct in 2016 while health care stocks are flat