The Day In Review: Biotech Sinks, Broad Market Swims

March 4, 2005 -- Biotech lost more ground on Friday, while the big cap averages moved to new highs. Bad news from Biogen Idec (BIIB) and Elan (ELN) has cast a pall over biotech all week, and it served to keep the sector lower today as well. The CBT 200 lost 19.21 points (.60%) to end at 3195.44. We talk about the latest on Biogen Idec and Elan, FDA problems for GlaxoSmithKline, good guidance from Genentech, speculation about an Impax Labs takeover, a Johnson & Johnson acquisition, spectacular open-market trading for a Canadian biotech IPO, good results in trials for a Geron prostate cancer vaccine, and market response to a follow-on offering from OXiGENE...