Biotech edges downward

Biotech stocks again were under selling pressure on Wednesday, as the BioCentury 100 Index slipped 1.5%, with 69 decliners compared to 26 gainers. The slide follows a 4% drop in the BC100 on Tuesday. Nevertheless, the downward moves were not nearly as sharp as Tuesday's declines, as no companies were off more than 10%. Genentech (DNA) was off $1.10 to $42.75, following Tuesday's news that its Xolair allergy compound won't be approved this year (see BioCentury Extra, Tuesday June 10). DNA was off $8.26 (16%) to $43.85 on Tuesday. Also, Applied Biosystems (ABI) was off $0.85 to $23.15. On Monday, ABI said it expects to report revenues for its fourth quarter ended June 30 of $405 million, missing the Street's $443 million consensus estimate by $38 million. ...