The Week In Review: Biotech Rides Genentech To A Gain

March 20, 2005 – Thanks to Genentech, biotech put together a positive week. On Monday, the biotech giant announced successful data from a trial that pitted Avastin against lung cancer. The good news added $11 billion onto Genentech’s market capitalization and sent the Centient Biotech 200 3.73% higher. Indeed, biotech needed something for morale, a little sprucing up of the self-image. But the Genentech news didn’t have much in the way of legs. After climbing 3.73% on Monday, the CBT 200 managed to net only a 1.5% rise for the week. In addition to Genentech, we look at the coattail riding performed by Onyx, a good earnings report by Ivax, a collaboration for ViaCell, plus, on the down side, delayed financials from aaiPharma, negative trial data from Targeted Genetics, and halted tests from Metabasis. More details...