I think Benitec's ASX and US SP are tethered together, like George Clooney and Sandra Bullock in Gravity. However, just like in Gravity, there is a delayed reaction between how the 2 markets pull each other along. While the Bio-tech market, at least in the US, is considered close to or in bubble market territory, the catalyst for the US Monday bio-tech sell-off was Washington politicians complaining about Gilead drug prices and wanting to restrict FDA approvals. And while US investors were digesting this news over the weekend, Benitec open in ASX land looking at a bright happy future. Once the US markets open, the markets sold off in face of DC threats. However, BNIKF followed the lead of BLT.ASX and was one of the few bio-tech stocks to go up in the US on Monday. But once the US bio-tech scare reached BLT.ASX Tuesday morning, the share price dropped.
Sorry for the dumb Yankee politicians messing up the price party, but we shall over come. When BLT makes it big time, I shall come visit Oz to celebrate.
BLT Price at posting:
$1.88 Sentiment: LT Buy Disclosure: Held
