DJ Protein Design, Millennium Dn-2: Cos Seen As Bellwethers
By Beth M. Mantz
Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--Shares of Protein Design Labs Inc. (PDLI) and
Millennium Pharmaceuticals Inc. (MLNM) led their fellow biotechnology
companies lower Friday as the market worries that have plagued other sectors
finally found their way to haunt the biotechnology industry.
Protein Design Labs and Millennium Pharmaceuticals weren't falling on
company-specific news or investors' fears about the fundamentals, said
analysts.
These companies are considered bellwethers of the genomic biotechnology
industry and see much trading activity with extensive liquidity and tight
spreads, said Steve Newby, portfolio manager of GenomicsFund.com. "When the
market moves, they get pushed to more extremes rather than those that aren't
traded as often," he said.
The AMEX Biotechnology index recently traded at 500.03, off 15.88, or 3.07%.
Shares of Protein Design Labs recently fell $3.68, or 6.6%, to $52.30 on
volume of 1.9 million, which is the average daily volume.
Shares of Millennium Pharmaceuticals fell $1.99, or 8.3%, to $22.04, on
volume of 2.9 million, compared with average daily volume of 2.6 million.
(MORE) DOW JONES NEWS 09-07-01
12:22 PM
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