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Celera sparks genomics sector

February 12, 2001 8:00 AM UTC

Investors responded favorably to the publication on Monday of the first drafts of the human genome by Celera (CRA) and the International Human Genome Consortium. The total market cap of the 10 genomic stocks tracked by BioCentury rose $724 million (6.2 percent) to $12.5 billion during Monday's session, following publication of the human genome. Among the seven gainers in the group, Celera led with a rise of $6.15 (15 percent) to $47.75 on 5.9 million shares. The other stocks that rose 5 percent or more were Myriad (MYGN), which traded up $6.25 (9 percent) to $72.125 on 426,000 shares; Gene Logic (GLGC), which added $1.813 (8 percent) to $24.188 on 486,500 shares; Genome Therapeutics (GENE), which moved up $0.656 (7 percent) to $9.625; and Affymetrix (AFFX), which gained $3.578 (6 percent) to $66.188 on 960,600 shares. In comparison, the BioCentury 100 was up 2.1 percent, the NASDAQ Composite added 18.69 points (0.7 percent) to 2489.66, and the Dow Jones Industrials rose 165.32 points (1.5 percent) to 10946.77.

While investors's enthusiasm may be short-lived, for biotech as a whole, publication of the genome frames the challenge of the post-genomics era to identify the other sources of variability among humans and the causes of human disease. ...