Another day and another new all-time high for the S&P 500. Biotech had an especially strong day today, lifting almost all stocks within that sector including ACAD.
Seen from the chart above, stocks broke out of the three week trading range under light volume. Another new closing high was achieved.
The XBI index was higher by 9% today as one stock within the index was up substantially, providing a short covering lift for almost all other stocks within that sector.
ACAD moved higher today, primarily from the strength of the sector and market as a whole. The stock has been a laggard on a comparative basis against the index it is in. There is not a catalyst for the stock in the near term. I rate the chart as neutral at best.
Bottom Line: A new high for the overall market, and an extremely strong day for the XBI Biotech Index, had a positive effect on ACAD moving higher today. Thank you for stopping by.