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Biotech / Medical : Biotech - Technical Analysis
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To: XenaLives who started this subject4/22/2001 10:35:45 PM
From: blackmerlin  Read Replies (1) of 544
 
"Weekly BioRollerCoaster: Biotechnology stocks took a breather on Monday 4-16-01, with the Amex Biotechnology Index (BTK) dropping to close at 495.47, after charging ahead for nearly all of last week. On Monday it was also announced that the FDA would delay their decision on the approval of a lead drug for the treatment of pulmonary hypertension. However, on Tuesday, the BTK climbed 5.2% and back pass 500, on enthusiasm regarding reports of increased sales of new biotech-derived drugs to treat both heart disease and cancer. On Wednesday, the BTK continued to climb in step with other indices boosted by the half percentage point rate reduction announced by the U.S. Federal Reserve. After the big gains of the previous two sessions, the BTK loss 0.4% on Thursday, and 2.7% on Friday. Bad news included a setback in later-stage clinical trials for a major mature biotechnology company developing an experimental treatment for acute heart failure. There was also a report by another company of increased first-quarter sales of their rheumatoid arthritis treatment. However these sales were below analysts' expectations. Because of strong gains mid-week, however, the BTK closed the week ending 4-20-01 up 4.58%, while the BioBizNet Select Index (BBNSI) soared 7.66%" See biobiznet.com
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