Ebb & Flow

Genentech (DNA) gained $3.6 billion of market cap last week on the heels of positive Phase III data for its Lucentis to treat age-related macular degeneration, far outstripping the market cap erased from the two biotechs with approved AMD drugs: Eyetech (EYET) and QLT (TSE:QLT; QLTI).

EYET dropped $10.26 (43%) to $13.50 and lost $443 million of market cap, which now stands at $583.2 million. QLT's decline was less severe - the stock dropped $1.03 to $10.41 on NADSAQ, shedding $96.6 million of market cap, which is now $976.7 million. DNA was up $3.36 to $79.26, and now has a market cap of $84 billion...