Nasdaq biotech index eyes best day since late 2020
03/08/2022 17:34
** Nasdaq Biotechnology Index .NBI rises 4.4%, set for its
biggest one-day percentage gain since November 2020
** Poseida Therapeutics PSTX.O top gainer on the index,
surging nearly 83% after drug development collaboration with
Roche ROG.S urn:newsml:reuters.com:*:nL4N2ZF2ZM
** Alnylam Pharmaceuticals ALNY.O also among biggest
gainers on positive results from heart failure therapy study
urn:newsml:reuters.com:*:nL4N2ZF2WX
** Wednesday's gains follow a selloff in biotech stocks last
week after U.S. Democratic Senator Joe Manchin reached a deal
with Senate Democratic leader Chuck Schumer on a bill that would
lower cost of prescription drugs urn:newsml:reuters.com:*:nL4N2Z93RP
** Drugmakers Merck & Co MRK.N and Gilead Sciences
GILD.O have said the proposal could hurt innovation
** "The drug pricing bill, even if it goes through it will
be very limited. I think it was a knee jerk reaction last week
when this came back out of the blue," says Thomas Hayes,
managing member at Great Hill Capital
** The NBI gained about 4% in July after falling over 20% in
H1
** "Biotech is going to be one of those groups that can
really grow in spite of a slower growth economy. And I think
people are now coming to that realization" - Hayes
(Reporting by Amruta Khandekar)
((Amruta.Khandekar@thomsonreuters.com;))