12:00 AM
Nov 09, 2015
 |  BioCentury  |  Finance

Massive Monday

Reasons for the updraft by biotech stocks last Monday

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%.

Previous acquisitions above $1 billion have not moved the BioCentury 100 as much this year. For example, the index gained 2.7% when AbbVie Inc. (NYSE:ABBV) announced plans to buy Pharmacyclics Inc. for $21...

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