Biotechs On The Mend Even As Glaxo Backs Out Of Ionis Deal

Biotech stocks were on the move early Friday as GlaxoSmithKline (GSK) backed out of a deal with Ionis Pharmaceuticals (IONS), and Galapagos (GLPG) announced promising data on a lung-disease treatment.

XAutoplay: On | OffOn the stock market today, IBD's 444-company Biotech industry group rose 1.4%. Ionis started to fall, but ended the day 2.6% higher to 46.76. Glaxo dipped 0.3% to 38.79, while Galapagos popped 3.3% higher to 83.73 after gapping up nearly 11% on Thursday.

The announcement...

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