Biotech stocks surge Monday
By Ted Griffith, CBS.MarketWatch.com
Last Update: 5:35 PM ET Jul 17, 2000
NewsWatch
Latest headlines
NEW YORK (CBS.MW) - Biotech stocks were among the biggest gainers on the Nasdaq
Monday as investors' enthusiasm about growing earnings and the latest
pharmaceutical-genomics alliance drove share prices higher.
Led by Incyte Genomics and IDEC Pharmaceuticals, the Nasdaq
Biotechnology Index gained 2.4 percent. The Amex
Biotechnology Index climbed 3.9 percent.
IDEC Pharmaceuticals said Monday it expects to report
second-quarter earnings of 26 cents per share, ahead the 18 cents
that analysts surveyed by First Call expected. Shares of IDEC
(IDPH: news, msgs) gained 8 13/16 to close at 126 13/16.
Shares of Incyte Genomics (INCY: news, msgs) rose 5 19/64 to
96 27/64. Shares of Celera Genomics (CRA: news, msgs) gained
6 to 98 3/4.
American Home Products (AHP: news, msgs) said Monday it has
bolstered its commitment to genomics through research
agreements with Celera Genomics and Incyte Genomics. Shares
of American Home rose 2 3/16 to 56 11/16.
Shares of Anesta (NSTA: news, msgs) leaped after Cephalon
(CEPH: news, msgs) said it agreed to acquire Anesta for about
$444 million in stock. Anesta's stock rose 10 1/2 ,or 47 percent,
to 32 5/8.
Genentech's stock price was one of the big losers of the day after
the biotechnology company reported earnings that were in line
with analysts' expectations. Shares of Genentech (DNA: news,
msgs) declined 8 to close at 153 1/2.
