Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : The Thread -- Ignore unavailable to you. Want to Upgrade?

To: stan s. who wrote (10559)	8/17/2000 11:15:35 PM
From: stan s.	Respond to of 49816

Announcements lift biotech shares By Ted Griffith, CBS.MarketWatch.com Last Update: 6:14 PM ET Aug 17, 2000 NewsWatch Latest headlines NEW YORK (CBS.MW) - Led by shares of Genzyme Molecular Oncology and Incyte Genomics, biotechnology stocks pushed higher Thursday. The Amex Biotechnology Index ($BTK: news, msgs) rose 3.1 percent and the Nasdaq Biotechnology Index ($IXBT: news, msgs) added 2.3 percent. Thursday's gains in biotech shares broke a streak of losses over the previous three days. Shares of Genzyme Molecular Oncology (GZMO: news, msgs) rocketed 68 percent higher after the unit of Genzyme Corp. said it had the rights to new research that could be valuable in developing cancer treatments. The research, performed at Johns Hopkins University, identified genes implicated in tumor blood vessel growth. Scientists hope eventually to be able to starve cancerous tumors by cutting off the blood vessel growth that feeds the tumors, a technique known as anti-angiogenesis. Shares of Framingham, Mass.-based Genzyme Molecular Oncology rose 5 9/32 to 13 1/32. See full story. Shares of Incyte Genomics surged 28 percent Thursday after the Palo Alto, Calif.-based company said Motorola licensed Incyte's gene sequence databases and gene patent portfolio. Motorola intends to use the databases and gene patent portfolio for technology known as bioarrays. The bioarrays will be part of a Motorola system that is expected to be able to simultaneously monitor the activity of thousands of genes in a given tissue sample. Shares of Incyte added 19 7/8 to 88 13/16. Shares of Motorola (MOT: news, msgs) gained 1/4 to 36 11/16. Biogen shares rose after the Cambridge, Mass.- based biotechnology company said it would collaborate with Elan Corp. (ELN: news, msgs) on an experimental drug for the treatment for multiple sclerosis and Crohn's disease. The drug, called Antegren, showed promise in tests on patients suffering from multiple sclerosis, PaineWebber analyst Elise Wang wrote in a research note. Biogen already sells a multiple sclerosis treatment called Avonex. "In our opinion, we believe Antegren may offer a complementary treatment to Avonex in the treatment of MS patients and that it will expand the market franchise for Biogen," Wang wrote. Biogen (BGEN: news, msgs) shares were up 1/4 to 70 1/2. Shares of Elan, an Irish pharmaceutical company, jumped 5 7/8 to 59 7/8, a 52-week high. Ted Griffith is a reporter for CBS.MarketWatch.com