One month into 2014 and this is where the biotech sector stands. Pretty darn good:
If you're curious how January's performance stacks up to last year: The IBB closed January 2013 up 6.1% compared to a 5% gain for the S&P 500.
The biggest surprise so far this year (at least to me) -- Celgene is stinking up the joint. Last years top-performing, large-cap biotech stock is this years worst by a wide margin.
What is ailing Celgene? I haven't heard any specific, other than investors may be rotating out in favor of Gilead, Biogen and Alexion Pharmaceuticals (ALXN) - Get Report because they provide higher earnings growth potential in the short term.
If you know of any other reasons for Celgene's weakness, drop me a comment below.
Adam Feuerstein writes regularly for TheStreet. In keeping with company editorial policy, he doesn't own or short individual stocks, although he owns stock in TheStreet. He also doesn't invest in hedge funds or other private investment partnerships. Feuerstein appreciates your feedback;
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