Ebb & Flow

Knowledge may give weight, but accomplishments give luster, and many more people see than weigh.

- Earl of Chesterfield

Investors took a close look at the genetic map last week, and decided to wait until accomplishments (read:drug leads) come from the data before assigning luster to any one stock. If there was one clear message resonating from news of the map, it was that knowledge of the genetic code will make it more difficult - not less - to pick the next group of successes in the genomics space.

Investors' unwillingness to assign instant value to the accomplishment could be seen in the movement of the 10 genomic stocks tracked by BioCentury. After a hot start on Monday, the group retreated to shed $259.6 million in market cap (2.2 percent) on the week to $11.5 billion (see "Cooling Trend", below). The group is now down $21.4 billion (65.1 percent) from the $32.9 billion valuation prior to the Clinton/Blair comments about the patentability of genes last March. Monday's move drove the group up by $724 million (6.2 percent) to $12.5 billion, led by a $6.15 (15 percent) gain to $47.75 by lead mapper Celera (CRA). CRA was hit by profit taking to close the week at $42.563, up $0.96.

"People expected the map, so now they are asking what does it mean and who stands to benefit?" said Nicole Vitullo of Domain Partners. She believes the tepid

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