Big Biotech Set for Earnings Blowout?

Earlier this year, Oppenheimer's Hartaj Singh argued that earnings expectations were too high for big biotech companies heading into the first-quarter reporting season. Ahead of the reports, due out in mid-July, Singh argues that fundamentals for large-cap biotech, as well as sector sentiment are "slowly but surely improving," leading him to believe that the stocks could outperform, led by Gilead Sciences (GILD), Alexion Pharmaceuticals (ALXN), and Vertex Pharmaceuticals (VRTX).