ARTICLE | Finance
Massive Monday
Reasons for the updraft by biotech stocks last Monday
November 9, 2015 8:00 AM UTC
The BioCentury 100 index posted its biggest one-day gain in more than 15 months when Shire plc (LSE:SHP; NASDAQ:SHPG) announced a $5.9 billion acquisition of Dyax Corp. (NASDAQ:DYAX), but buysiders think other factors contributed to the updraft.
When the deal was announced last Monday, the index jumped 4.7%, far outpacing the broader markets. The NASDAQ composite gained 1.5% and the Dow Jones industrial average added 0.9%...