June 5, 2005 It had to happen. After eight straight weeks in which biotech didn’t take any significant losses though it did have some pretty nice gains biotech moved almost 1% lower last week. Friday’s 1.6% drop was enough to push the Centient Biotech 200™ into negative territory for the 4-day period, slipping 31 points lower to 3349.78, a loss of .92%. The CBT 200 remains very much in the middle of its 18-month trading range, a solid 9% above the lows of early April, but 11% below the highs of April 2004, the high point of the cycle. Genentech had another good week, hitting yet another all-time high, La Jolla Pharma doubled after receiving orphan status for its lead drug candidate, Anadys rose on news it had inked a pact with Novartis, and Renovis sank when analysts got to see data on its stroke drug. More details...
