Monday, January 17, 2000
The BioCentury 100 index rocketed 392.6 points (19 percent)
to 2417.81 on Monday, the first day of the Chase H&Q Healthcare Conference,
with genomics frenzy pacing the sector. Big winners included Genome Therapeutics
(GENE), up $6.063 (37 percent) to $22.50; Celera (CRA), up $55.063 (29 percent)
to $242; Affymetrix (AFFX), up $39.625 (26 percent) to $192.875; Genset (NM:Genset;
GENXY) up $4.375 (20 percent) on NASDAQ to $26.625; Millennium (MLNM) up $18.625
(12 percent) to $170.50; and Human Genome (HGSI) up $17.25 (11 percent) to $177.563.
CRA's rise came after announcing that it has compiled 90 percent
of the human genome DNA sequence, and that its database now may represent more
than 97 percent of all human genes. Not to be outdone, Incyte (INCY) on Monday
said that its LifeSeq Gold database represents 95 percent of all human genes
and also announced a LifeSeq Gold deal with Bayer. INCY was up $5.875 to $110.25
that day and closed Friday at $131.813, up $27.438 (26 percent), while CRA closed
the week at $232, up $45.062 (24 percent).
AFFX investors blew right through Roberston Stephens analyst Michael King's $190 12-month price target, which he had just raised from $138. AFFX gave back $22.813 (12 percent) on Tuesday, and closed Friday at $186.75, giving it something to shoot for over the course of the year. The stock was up $33.50 (22 percent) on the week.
Meanwhile, King also began coverage of Maxygen on Monday with
a "buy" and a $108 price target. Shares of the DNA shuffling company leapt $25.063
(44 percent) to $82.375 and moved up to $86.625 on Friday, gaining $29.312 (51
percent) on the week.
GENXY closed the week on NASDAQ
up $1.438 to $23.688, while trading in Paris pushed the stock up E11.9
(20 percent) at E70.9.
The company announced an agreement with the Whitehead Institute to find and
characterize genes affecting obesity and diabetes, as well as the acquisition
of Pacific Oligos, an Australian oligonucleotide synthesis company (see