Bad news for the stock price today:
Biotech stocks stumble
Immunomedics, Vertex plunge after setbacks
By Ted Griffith, CBS.MarketWatch.com
Last Update: 4:18 PM ET Nov. 11, 2003
BOSTON (CBS.MW) -- Biotechnology stocks headed lower Tuesday, with shares of Immunomedics and Vertex Pharmaceuticals leading the retreat after separate setbacks for key experimental drugs.
The Amex Biotechnology Index (BTK: news, chart, profile) slumped 3.1 percent to 437.29, and the Nasdaq Biotechnology Index (NBI: news, chart, profile) dropped 1.6 percent to 673.39.
Shares of Immunomedics (IMMU: news, chart, profile) plunged $3.87, or 53.4 percent, to $3.38. The small biotech firm disclosed that partner Amgen (AMGN: news, chart, profile) doesn't plan to move ahead with a crucial clinical trial of Immunomedics' experimental cancer therapy, called epratuzumab. Amgen, the world's largest biotechnology firm, is also in discussions that could lead to the return of rights to epratuzumab to Immunomedics.
Amgen shares edged down 16 cents to $58.98.
I still believe that epratuzumab is safe and effective. Is this a good time to pick up some IMMU? comments, suggestions anyone? |
