April 1, 2005 The stock market played the Inflation: Now You See It, Now You Don’t game today, with the March job report indicating slow growth, but the ISM numbers pointing to higher inflation. In the end, there wasn’t much to cheer about. Indexes were down across the board, with the Centient Biotech 200 convincingly hitting new 52-week lows. The CBT 200 lost 52 points to close at 3070.61, a 1.67% decline. For the first three months and one day of 2005, the CBT 200 is off by 14.2%. Biogen pulled its earlier financial guidance, following withdrawal of Tysabri, Sanofi Pasteur won a $97 million US contract to develop a better way to create vaccines, Curis and Genentech want to take their topical treatment of basal cell carcinoma into the clinic, Sepracor will begin marketing its revolutionary, non-addictive sedative, Lunestra, Alkermes has filed for approval of its once-a-month injection for alcoholism, Progenis announced terms for a secondary offering, and EntreMed sold 7 million shares to Celgene. More details...
