Street watchers reported that investors were rotating into big cap biotech and out of pharma last week on the theory that big pharma may be more sensitive to an economic slowdown.

As it turns out, most pharma shares gained last week. But whatever the theory, all of the biopharmaceutical companies tracked by BioCentury were gainers. Amgen (AMGN) was up 14 percent after dropping its MGDF program (see below). Biogen (BGEN) added $14.125 (28 percent) to $64.125 as analysts raised their 1998 estimates for its Avonex multiple sclerosis treatment (see B9). Genzyme (GENZ) added $3.375 (13 percent) to $29.25, Centocor (CNTO) advanced $3.812 (12 percent) to $36.562, and BioChem Pharma (BCHE) was up $1.75 (10 percent) to $19.875.