Biotech Stocks Post Their Second-Best Month of 2019

  • 11/29/2019
  • Source: Bloomberg
  • by: Tatiana Darie
Biotech Stocks Post Their Second-Best Month of 2019
Biotech stocks are on pace for their second-best month of the year with momentum revived by a return of M&A activity and early FDA approvals for highly anticipated drugs.

The Nasdaq Biotechnology Index rose for its eighth consecutive session on Friday. The benchmark has gained 12% in November, its largest monthly gain since January when the gauge posted its best-ever start to the year. The broader S&P 500 Index has climbed 3.6% since the start of November, while the S&P 500 Health Index has risen about 4.8%.

Industry experts are anticipating more mergers and acquisitions after Novartis AG’s nearly $10 billion deal for Medicines Co, an $85 a share bid which represents a 45% premium to the company’s closing price on Nov. 18.

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