Biotech plunges on Monday

The BioCentury 100 Index fell 8% on Monday - about double the 4.1% drop on NASDAQ. Selling pressure hit biotech issues on both product and tool fronts, with a non-approvable letter for a Johnson & Johnson (JNJ) product that uses drug delivery technology from Alkermes (ALKS) (see above) and an earnings warning from Tripos (TRPS) (see below). ...