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Biotech / Medical : Biotech Valuation
CRSP 52.10-0.2%12:44 PM EST
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To: Biomaven who started this subject6/16/2001 3:34:33 PM
From: blackmerlin   of 52153
 
BioRollerCoaster for the week ending 6-15-01. Biotech trend was down for the week ending 6-15-0:
"Weekly BioRollerCoaster: After declined Wednesday through Friday of the previous week, the AMEX Biotechnology Index (BTK) continued its downward trend on Monday 6-11-01 and Tuesday 6-12-01, plunging 4.0% and 3.2% respectively for these sessions. However, the BTK crept up 0.5% on Wednesday, careened down 2.6% on Thursday, only to pop back up 2.6% on Friday 6-15-01. Top news driving biotechnology stocks down during the week included news of a lawsuit and dispute between two biotech companies over licensed antibody technology. A gene chip company also announced decreased earnings expectations and a slow down in one sector of their business. During the week, the FDA also deemed inadequate a joint application from two biotechnology companies to market a prostate cancer treatment in the U.S. Positive news for biotechnology stocks included the announcement of the acquisition of Axys Pharmaceuticals (AXPH) by Celera Genomics (CRA) and a multi-year collaboration announced between Biogen (BGEN) and Abgenix (ABGX). However, for the week ending 6-15-01, it appears that negative news overrode the positive and the BTK was down 6.71% for the week. Again, it was a week in which biotechnology stocks were truly on a roller coaster ride, and individual stock picking was extremely important." See biobiznet.com for more biotechnology news and individual stocks.
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