BioCentury
ARTICLE | Top Story

Equity updraft

April 10, 2001 7:00 AM UTC

Biotech, along with other major equity indices, soared on Tuesday on little hard news but a general feeling that the market is oversold. There were some optimistic economic outlooks from bellwether techs like Motorola and internet plays like Amazon.com, and strong support for the chip group. The BioCentury 100 added 3.7 percent on the day, but was outpaced by the 6.1 percent move of the NASDAQ Composite. The Dow Jones Industrials crept back over 10,000, adding 2.5 percent to close at 10,102.74. The S&P 500 was up 2.7 percent on the day. Pharma stocks were left behind, as the AMEX Pharmaceutical Index lost 0.5 percent on the day.

Advancers outpaced decliners in the BC100 by 77-21. The biggest dollar gainers on the day were humanized antibody play Protein Design (PDLI), which moved up $5.43 to $47.50 on 2.3 million shares; drug discovery and proteomics play Myriad (MYGN), which added $5.14 to $41.05 on 1.5 million shares; Cancer and drug discovery company OSI Pharmaceuticals (OSIP), which popped $4.98 to $45.99 on 740,700 shares; and bioinformatics play Lion (LEON; NMarkt:LIO), which added $4.70 to $28.70 on 14,900 ADSs traded on NASDAQ. ...