Beating the devil

We read a disturbing little item in one of the major metropolitan newspapers last week. A portfolio manager, quoted in an investment advice column, opined that if the Treatment IND for Cephalon Inc.'s Myotrophin won FDA approval, the biotech stock rally would keep rolling along. But if the FDA turned it down, the fun would be over.

Well stay tuned, but the time may be at hand in which a stumble by the bellwether company of the week - in this case CEPH - no longer will create a whirlpool that drags the sector down the drain. Despite the hosing of CEPH shares - off 35 percent on Friday to $23.375- one was hard-pressed to find investor panic roiling over to the rest of the sector.