The White House effect
Genomics investors in the U.S. lived up to their "sell on news" maxim, knocking $3.5 billion off the aggregate market cap of the 12 genomics stocks tracked by BioCentury on the much ballyhooed White House declaration that the human genetic map had been accomplished. The group was valued at $36.05 billion at week's end.
Celera (CRA), which announced it has sequenced the genomes of five individuals, took the biggest hit, trading down $33.50 to $93.50 on the week, and shedding $1.9 billion off of its market cap to $5.2 billion. The losses would have been worse had investors not revisited the sector on Wednesday, when 11 companies traded up, highlighted by 10 percent-plus moves on the day by Hyseq (HYSQ), Incyte (INCY), Millennium (MLNM) and Myriad (MYGN)...