Some friends

British Biotech (LSE:BBG;BBIOY) must have been reminded last Tuesday of the old adage "with friends like these who needs enemies?" Nearly 25 million shares swapped hands as BBG lost 18 percent of its value, falling 8.5p from 48p to 39.5p, in reaction to a rumor that the company's broker, Dresdner Kleinwort Benson, had concluded that its 43p per share estimate of BBG's net asset value could be too high.

Tuesday's fall may also have been prompted by the news that one shareholder had disposed of nearly 12.5 million shares at 42p late Monday, some 6p lower than the previous trade...