Sector Snap: Biotech Rises - Forbes.com

Sector Snap: Biotech Rises - Forbes.com: "NEW YORK -

Shares of biotechnology stocks jumped Wednesday on a series of strong second-quarter earnings reports and positive outlooks for several companies' development pipelines.

One of the sector's biggest gainers was Alexion Pharmaceuticals Inc. (nasdaq: ALXN - news - people ), which jumped $7.32, or 14.7 percent, to $56.95 in afternoon trading. The stock hit a 52-week high of $58 earlier in the session on second-quarter results showing the company narrowed its loss on sales of its blood disorder treatment Soliris.

'Initial results of the U.S. launch of Soliris have exceeded our expectations,' said Alexion Chief Executive Dr. Leonard Bell."