Ideally, it would be nice to write off the recent performance of the BioCentury 100 Index, which traded down 12% in June, to portfolio window dressing at the end of the second quarter. But last week's 10% drop in the index put paid to that theory, and technical analysts polled by BioCentury do not yet see a floor for biotech.
The industry's last best hope for the summer could be this week's news from MedImmune Inc. (MEDI, Gaithersburg, Md.) and Genentech Inc. (DNA, South San Francisco, Calif.). The PDUFA date for FDA action on MEDI's FluMist influenza vaccine is Wednesday, and any hope the company has for launching in time for the fall flu season will depend on just how many more questions the FDA has (see Ebb & Flow, A12). Also on Wednesday, DNA is slated to be the first of the big cap biotechs to announce second quarter results.