December 24, 2006 – Biotech seems inclined to fade slowly into the sunset as trading for 2006 winds down. The Centient Biotech 200™ lost a net 42 points last week, putting the index at 3922, which is firmly in negative territory for the year. Although the CBT 200™ was down, breadth showed some sparks of life, and the IPO market showed resilience. Artes Medical accepted a 50% cut in valuation, but did very well in the aftermarket, rising 37%. Praecis Pharma shot up 149% on a buyout bid; Repros gained on positive interim data from its uterine fibroid treatment; Exact Sciences moved up 35% on hopes for its stool-based colorectal test; InterMune soared 29% on tests for its lung disease drug; SciClone was up on positive data from its drug for multiple myeloma; and Arena rose on an AG Edward upgrade. More details...
