The Day In Review: Market Pressures Push Biotech Lower

April 28, 2005 In a session that traded underwater all day, indexes sank in the final hours to close on their lows. Nasdaq made a new closing low for 2005, with other averages not far from achieving similar milestones. The Centient Biotech 200 lost almost 50 points, a 1.56% drop, to close at 3146.80. The S&P 500 was 1.14% lower and Nasdaq was off by 1.36%. Martek lost 46% of its value on news that its revenues would be cut in half, GlaxoSmithKline had good earnings and can bring two products back to market, Elan expects Tysabri to come back to market, though Biogen Idec is not so sure, ImmunoGen licensed another target to Genentech, two biotech filed for IPOs, and Avanir inked a deal with Novartis. More details...

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