Pharma Bifurcation:

On Monday we spoke about how some large-cap biotech names have been stepping up, and it is similar in the pharma arena. One name however has been left out of the party in PFE. I will let everyone come to their own conclusion as to the why, but PRICE action is undeniable. The stock is now well more than 30% off its most recent 52-week highs and has been chopped in half since its late 2021 peak. Meanwhile, names like LLY have been on fire, and this week is up another 3% after the prior week jumped 18% in the largest WEEKLY volume in more than 20 months. NVO rose 16% last week breaking above a 173.07 cup base pivot. ZTS broke above a cup base of its own and then slipped below it, but found support near its rising 50-day SMA for the first time after the breakout and feels like it wants to gravitate toward the very round 200 number in the short term. RDY looks like it may want to fill the recent gap at the round 70 number and ARGX is back above the very round 500 number. And PFE has been left out in the cold up just 12 weeks thus far in 2023, with none of them rising more than 3%. Invest accordingly.

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