Illumina Lights the Way for Biotechs

Biotech stocks have been on fire this week. Both ProShares Ultra Nasdaq Biotechnology (BIB) and the iShares Nasdaq Biotechnology ETF (IBB) are heading for new 2017 highs as the month comes to a close. Among the top gainers, along with Biogen (BIIB) , Gilead (GILD) and Amgen (AMGN) , is Illumina (ILMN) . Today's breakout move in the stock has driven shares to new 52-week highs and has put the stock on course for more gains.

ILMN reached an important high in early May after gaining nearly 50% off the January 2017 lows. A very orderly consolidation followed this huge move. This healthy pattern held above key support near the February highs while giving back little of the gains. As earnings approached, ILMN remained near the four-month lows. It would take a powerful post-earnings jolt to get the stock back in rally mode. On Aug. 2, Illumina got exactly that....137 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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