BioCentury
ARTICLE | Finance

2Q Stock Wrap-Up: Magic in mid-caps

Mid-caps drive biotech sector gains in 2Q12; microcaps end the half in the red

July 2, 2012 7:00 AM UTC

Mid-caps performed best last quarter, with four companies gaining more than 50%. Other segments largely held on to their 1Q gains, except for companies valued below $200 million, which fell 15% in the quarter and finished under water for the half (see "Results by Market Cap," A30).

Arena Pharmaceuticals Inc., which had barely broken into the $500-$999 million segment at the beginning of last quarter, was the biggest winner going away. The biotech ran up 224% to a $2 billion valuation on a favorable FDA advisory committee vote in May and last week's approval of obesity drug Belviq lorcaserin. Arena and partner Eisai Co. Ltd. will announce a launch timeline after the U.S. Drug Enforcement Administration completes its review of the drug, which Arena estimates will take four to six months. The DEA has classified Belviq as a class IV scheduled drug...