The biotechnology kicks off its version of a Super Bowl today. While it doesn’t involve cocktail weiners, gallons of beer or the wave, it’s a major event that could have an impact on biotech exchange traded funds (ETFs).
Today kicks off the annual meeting of the American Society of Clinical Oncology (ASCO), which will run through June 8. This is the foremost important meeting for the biotech sector, attended not just by doctors and leaders in the biotech industry, but biotech investors, as well.
Historically, many biotech stocks run higher in anticipation of good news at the conference, and this year has been no exception. [Why Bulls May Prevail in Pharmaceutical ETFs.]
Lichtenfeld believes that this decade will be the decade of biotech. Companies are researching drugs to treat a variety of diseases and conditions, including cancer, diabetes, hepatitis and multiple sclerosis.