GENE, biotech stocks move up
By Ted Griffith, CBS.MarketWatch.com
Last Update: 6:32 PM ET May 24, 2001
NEW YORK (CBS.MW) -- Biotechnology shares rose sharply Thursday, with Genome Therapeutics' stock continuing its recent ascent.
The Amex Biotechnology Index (BTK) gained 4.2 percent and the Nasdaq Biotechnology Index (NBI) also rose 4.2 percent.
Shares of Genome Therapeutics (GENE) jumped $1.08, or 8 percent, to $14.58. The advance added to the previous session's big gains, when Genome's stock rocketed more than 40 percent higher.
A Genome Therapeutics spokesman said there was no news from the company to account for the sudden rise in its shares. But he noted that analysts have made favorable comments about the company recently.
Investment firm Ladenburg Thalmann on Wednesday put a "strong buy" rating on Genome Therapeutics' stock and set a 12-month price target of $84. In a note to clients, the firm said it expects the Waltham, Mass.-based company to discover "several anti-infective agents with markets approaching $1 billion."
Genome Therapeutics is using genetic research to try and develop new treatments for disease. Among other partnerships, the genomics company is working with drugmaker Schering-Plough (SGP) on research into new asthma treatments.
Elsewhere, shares of Genentech (DNA) and Xoma (XOMA) rose after the companies said their treatment for the skin disease psoriasis produced encouraging results in patient testing. Shares of Genentech increased $1.45, or 2.9 percent, $51.15 while shares of Xoma added $1.05, or 9 percent, to $12.75. See full story.
Shares of Biogen also moved to the upside, advancing $1.92, or 3.2 percent, to $62.28. Biogen (BGEN) reported Wednesday that its experimental drug, Antegren, shows promise in the treatment of Crohn's disease, an autoimmune condition that affects the gastrointestinal tract.
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Ted Griffith is a reporter for CBS.MarketWatch.com
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