Indeed, the recent market pullback did not leave all biotech stocks unscathed and that goes for some of the sector’s leaders and marquee names. However, some analysts see the pullback in some big-name biotechs as a perfect buying opportunity.
For example, Stifel was out with a note last week, anointing Alexion Pharmaceuticals (NasdaqGS: ALXN) with a $222 price target and Biogen Idec (NasdaqGS: BIIB) with a $376 target. That is 20% above current levels for Alexion and 19% above current levels for Biogen. Those stocks combine for 11.5% of IBB’s weight.
iShares Nasdaq Biotechnology ETF