The Day In Review: Biotech Driven Lower

March 3, 2005 The Centient Biotech 200 fell almost 1% as biotech’s latest problems seemed to figure larger in investors’ consciousness than its recent successes. The CBT 200 was down 30.27 points at 3214.64, a .93% drop. Cytogen Corporation dropped 52% after Combidex was nixed by an FDA panel, the same event sent Advanced Magnetics 65% lower, Albany Molecular dropped 18% after lowering Q1 guidance, Genzyme managed a small gain after a European approval, Viacel went south after releasing Q4 numbers, Nektar held an important technical support level but was still lower on the day, and Elan and Biogen Idec came under renewed selling pressure. We flesh out these headlines...