| Biotechs Short-Term Trend - "Weekly BioRollerCoaster: After netting strong gains in the previous week, the AMEX Biotechnology Index (BTK) continued its up and down ride falling 2.2% and 3.4% on Tuesday and Wednesday, respectively, and then soaring 2.9% and 3.3% on Thursday and Friday, respectively. With the exception of Wednesday 5-3-01, however, the BTK achieved ten consecutive closes above 600. Top news for the shortened trading week included Sequenom's acquisition of Gemini Genomics, forward looking news from Genzyme General and several of its divisions, and a report of the effectiveness in later-stage clinical testing of a treatment for impotence developed by ICOS with pharmaceutical partner Eli Lilly. Although the shortened trading week was very volatile, the BTK managed to hold unto its gains (+ 0.47%) from the previous week. However, for the week ending 6-1-01, the BioBizNet Select Index (BBNSI) did much better closing up 2.64%. See biobiznet.com for individual stocks. |
