The Day In Review: Biotech Rises Again

May 18, 2005 -- Perhaps, if you are a trader, it helps to have a short attention span, as investors decided inflation was not a problem and held a relief rally to celebrate. Although biotech lagged the broad market, the Centient Biotech 200 rose steadily until the final half hour, when it gave up some gains. The CBT 200 moved 14 points higher, ending at 3313.90, a rise of .43%. The S&P 500 was up by 1.00% and Nasdaq climbed 1.32%. EXACT Sciences soared after announcing that new methods may make its stool-based test for colorectal cancer work, Salix Pharma said its Xifaxan drug was effective against Crohn's disease, Avant sold the rights to future revenues from its rotavirus vaccine for $61 million, Cell Genesys worked out a trial design with the FDA for its prostate cancer vaccine, Isis had laboratory success against lymphoid tumors in animals, Discovery Labs said Surfaxin improved survival in infants with Respiratory Distress Syndrome, Genmab bought rights to 16 epithelial cell cancer targets at a bankruptcy auction, and NeurogesX said its dermal patch was successful among HIV/AIDS patients with sensory neuropathy. More details...