December 17, 2004 In an extremely heavy news day, big pharma cast a pall over the entire market as a once-favorite stock, Pfizer, announced that its blockbuster drug Celebrex could cause heart attacks. Nevertheless, despite the news, biotech stocks did fairly well on the day, outpacing the general market. The Centient Biotech 200 gained .62%, while the NYSE Composite and Nasdaq both lost about half a percentage point. We look at Pfizer’s Celebrex bombshell, the equally surprising news on AstraZeneca’s Iressa (plus stocks it helped) and Lilly’s warning on Strattera.
