Published on 1 Aug 2021 on Benzinga
The Week Ahead In Biotech (Aug. 1-7): Biopharma Earnings Pick Up Pace, Eton Awaits FDA Decision,...
Biotech stocks showed a lack of direction in the week ending July 30 amid earnings releases from big pharma companies.
Most pharma majors reported strong quarterly results. Earnings momentum sent shares of Bristol-Myers Squibb Company (NYSE: BMY) to a record high midweek, although they have pulled back since then. Pfizer, Inc.'s (NYSE: PFE) COVID-19 vaccine sales buoyed its quarter results and prompted the company to raise its guidance. Merck & Co, Ltd. (NYSE: MRK), however, reported a bottom-line miss.