April 3, 2005 -- Biotech started off Q2 at a new 52-week low. Friday’s 1.67% decline in the Centient Biotech 200™ was no April Fools day joke, but the real thing. It undercut the standing low, set last August, by 1.18%, destroying the argument that we remain in a trading range. Closing the week at 3070, the Centient Biotech 200 is 18% below its high of last April and, for the record, 37 points below its old low of last August. The index dropped 125 points (3.91%) during the week. By contrast, the NYSE Composite was actually .12% higher while Nasdaq was off by .31%. For the first quarter of 2005, the CBT 200 is lower by 14%. We discuss two big losers for the week, Elan Pharma and Ligand Pharma, one with an approved drug that has been withdrawn and the other with an approved drug that failed a drug trial, and one winner, Kos Pharma, which made peace with a generic rival. We also look forward to the news that will shape next week. More details...
