Bloody Monday

Stock sellers hammered biotech on Monday, driving the BioCentury 100 down 13 percent on the heels of last week's 18 percent drop. The index is off 34 percent from its all-time high of 4369.56 on March 3. Among the big losers on the day were human antibody company Abgenix (ABGX), which lost more than $2 billion in market capitalization, and toolkit company Gene Logic (GLGC) (see " Taking A Bath " below).

To long-time buysider Sandra Panem, it came as no surprise that genomics, drug discovery and antibody companies suffered the largest losses. "It's just as steep on the downside as it is on the upside," said Panem. "People have been expecting this in light of the run-ups" enjoyed by these sectors. ...