EU aftershock
Monday's fall in U.S. genomics and antibody stocks drove down U.K. and European cousins on Tuesday. Nomura International analyst Erling Refsum sees the fall in antibody stocks as a continuum from last week's genomics plunge -- but not necessarily a bad thing. "The bubble has been pricked and is leaking, but valuations are becoming more sensible," he said.
On Tuesday, declines in the U.K. had not been as dramatic as the U.S. adjustments yesterday. On the day, Europe's leading biotech company, Celltech (LSE:CCH; CLL), whose Mylotarg (gemtuzumab zogamicin) antibody was recommended for half of the company's requested label at an FDA panel last Friday, fell 195p (14 percent) to 1204p and Cambridge Antibody Technology (LSE:CAT) fell 377.5 p (12 percent) to 2647.5p. Antisoma (LSE:ASM;EASD:ASOM), an antibody cancer company, fell 23p (10 percent) to 205.5p. In Germany, MorphoSys (NMarkt:MOR) fell Eur23 to Eur331.99 on Tuesday. ...