$Pfizer(PFE.US) dipped slightly, $Eli Lilly(LLY.US) was flat, while $SPDR S&P Biotech(XBI.US) actually saw a small g…
$Pfizer(PFE.US) dipped slightly, $Eli Lilly(LLY.US) was flat, while $SPDR S&P Biotech(XBI.US) actually saw a small gain.
Big pharma has performed decently over the past month. $Eli Lilly(LLY.US) rose over 20% in the last 20 days, and $Pfizer(PFE.US) gained 9%, with defensive rotation capital staying put. On Tuesday, as tech rebounded, big pharma saw some capital outflow, while mid- and small-cap biotechs rallied alongside rising risk appetite.
Will defensive funds rotate from big pharma to mid- and small-cap biotechs? I doubt a large-scale shift—$Eli Lilly(LLY.US) is driven by the certainty of weight-loss drugs, whereas smaller biotechs are betting on rate cuts and M&A; they're not chasing the same capital.
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