ARTICLE | Finance

Ebb & Flow

October 22, 2001 7:00 AM UTC

Trading in Genzyme (GENZ) provided for some read as to how the market weighs current EPS vs. potential future profits. GENZ's solid third quarter results and a boost in revenue projections for its Renagel phosphate binder product weren't enough to buoy the stock. GENZ fell $6.25 (12%) to $46.78 on the week as investors chose to focus on positive news from two potentially competing products.

The stock fell $1.88 to $48.38 on 8.3 million shares on Tuesday after AnorMed (TSE:AOM) published positive Phase III data on its phosphate binder.GENZ then dropped $4.21 to $44.17 on 7.3 million shares on Wednesday's news that the FDA has accepted for filing the NDA for Vevesca, a treatment of Type 1 Gaucher disease from Oxford GlycoSciences(LSE:OGS; OGSI), which would compete with GENZ's Cerezyme enzyme replacement therapy (see "Milestone Watch"). ...