The Week In Review: A Late Summer Bounce For Biotech
9/5/2006 6:53:16 PM
September 3, 2006 – Biotech continued to bounce higher from its mid-July lows during the past week. In quiet pre-holiday trading, the Centient Biotech 200™ moved up 86 points to 3761.84, a rise of 2.34%. Breadth continued to outperform the rising index, a strong confirming signal of the recent six-week advance. The IPO market, however, remains in its late-summer doldrums. CytRx was the leading percentage gainer of the week, gaining on news of a $24.5 million cash infusion; Prana continued its run toward a 52-week high on no news; Xenoport posted a strong 23.5% increase without releasing more data on its diverse drug portfolio; SuperGen traded up on speculation that its partner MGI Pharma might take it over; Corcept continued to fall in the week following the failure of psych drug Corlux in a Phase III trial; and Critical Therapeutics gave back gains that followed positive data from zileuton IV, an asthma drug. More details...