ARTICLE | Finance

Ebb & Flow

May 15, 2006 7:00 AM UTC

After three weeks of downtime on the IPO front, two U.S. biotechs got out last week. It seems that investors were using the break to sharpen their shears. The good news is that Novacea (NOVC) and BioMimetic (BMTI) both posted modest gains on a week when the entire stock market was off. The BioCentury 100 Index ended the week down 4%, and NASDAQ and Dow Jones were down 4% and 2%, respectively.

"I think we're seeing the continued playing out of a market where there's a consistent group of core investors that price and buy deals," said Pacific Growth banker George Milstein. "The valuations may not be what companies hope for, but at least deals are getting done." ...