Why AnaptysBio, bluebird bio, and Exelixis Shares Rebounded Last Friday

Biotech and biopharma stocks regained their footing last Friday after a historically brutal week. For instance, shares of AnaptysBio (NASDAQ: ANAB) closed up by 12.5% last Friday; bluebird bio (NASDAQ: BLUE) stock posted a modest 2.17% gain after dipping by as much as 13.1% during Friday's hectic session; and Exelixis (NASDAQ: EXEL) shares won a hard-fought 9.97% gain during the day's session, again after falling behind (down 5%) in early morning trading.

The biopharmaceutical space as a whole proved to be one of the day's strongest areas of the entire market. Part of the reason is that investors seemed to realize their prior mistake of panic-selling shares of companies that probably won't be heavily impacted by the COVID-19 illness. The reality of the situation is that patients aren't going to forgo life-saving medicines during a global pandemic, and clinical trials for important new medicines won't come to a standstill, either.

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Source Fool.com