The Day In Review: Biotech Higher While Market Slides

May 10, 2005 -- Just by staying positive, biotech did well on Tuesday. Although it did not make a large gain, biotech significantly outperformed stocks in general. Fears about economic growth and the rumored problems in several hedge funds turned buyers into sellers. The Centient Biotech 200 gained about 12.5 points to 3291.52, a .38% increase. Biotech didn’t get much competition from the general market, with the S&P 500 down by 1.07% and Nasdaq off .85%. Vertex had good things to say about its hepatitis C drug, Geron reported laboratory success with stem cells, Marshall Edwards annnounced good data about a drug for ovarian cancer, Elan moved up on news about an Alzheimer's drug, and Cytogen signed a deal with Dow on a targeted prostate cancer drug. In the newsletter, we look at what to expect from the ASCO meeting. More details...

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