— Biotech stocks have moved steadily upwards since earnings season began. After adjusting for negative currency, Top Tier biotech earnings were not that bad. Expectations were lowered after JNJ’s pharmaceutical miss, but the AMGN, BIIB and CELG earnings reports were stable enough to keep their stocks flat. ALXN posted a strong quarter, but GILD – which was the last of the big boys to report – missed again. However, strong earnings were not the main driver of biotech stocks and the indices higher.