Biotech Moves Ahead Of Major Indexes

Biotech a good place to be today - and tomorrow... It was a good day on Wall Street today, especially for biotechs. Three-fourths of the companies in the Centient Biotech 200™ Index rose on the day, outpacing the major indexes by a factor of three or more. Amgen led the way gaining 2.6%, but it was far from alone. Genentech recovered a third of its Friday loss, and Imclone and Cellgene both gained over 3%. Alkermes Inc. was the talk of the town, rising nearly 10.5% on Lilly's announcement that it would continue with the joint development of Alkermes's inhaled insulin drug. All of this supported our continued belief that there is a major biotech rally waiting to happen once market fears subside.