The Week In Review: Biotech Ends Q3 With A Bang
10/3/2006 1:53:58 PM
October 1, 2006 – Biotech had a great week, ending the third quarter on a high note and making it the best quarter of the year so far. The Centient Biotech 200™ rose 92 points or 2.5% to close at 3821.43, outperforming the S&P 500 and Nasdaq. Breadth was in line with the rise in the CBT 200™ index, while the action in the IPO market is picking up considerably. The crop of 2006 biotech IPOs had an especially strong week, led by a 312% increase in Acorda, based on positive news about its MS drug. Among the more seasoned biotech issues, GPC climbed following strong results from its prostate cancer drug; VaxGen moved up after solving its reporting problems, BioCryst announced good avian flu news; and Diversa rose after telling its story at an investor conference. More details...