Nothing fundamental has changed, it just caught in a minor (bio/internet momo)correction last month, whcih I think is healthy. This bad boy got a little ahead of itself since Dec 2013 , hammered back into its previous channel with Gilead in late March, since then it's been in full fledged limbo dance. It started to show signs of bottoming last week, although it rallied 5% today, I still think it's got some room to run given today's low . I think many people are still gun shy from last month's selloff and scared shtless to come back in. They will eventually come slowly rolling back into this sector.
Another very encouraging sign is that Biogen broke 300 level along with other two sector leaders Gilead and Celgene , all broke previous resistance, 80 and 150, so again, stars aligned today.
I'm a rookie in terms of chart analysis, but I do know this company, it's got a robust drug pipeline and solid . It is NOT an expensive stock comparing to its peers. If you missed today's action, it shuoldn't stop you from building a position tomorrow. I am somewhat concerned with today's euphoria, remember last month's after Yellen's speech, the market just exploded to the upside only to get hammered hard the next day. So watch out guys.