ASCO Has Biotechs Riding High

The second issue, she wrote, is simple supply and demand. "[T]here are few sectors other than biotech to put growth money, and this I believe could continue to drive valuations into the stratosphere," Yanchus contended. "For this reason, I would not be aggressively short anything yet."

Few Left Behind

Abgenix (ABGX Quote) was one of the notable biotech losers, dropping 9% to $9.71, on word that while the company's cancer drug, ABX-EGF, was effective in shrinking tumors in patients with advanced colon cancer, the scope of the drug's efficacy may fall short of Wall Street's elevated expectations.

Amgen (AMGN Quote) dropped almost 2%, and Genzyme (GENZ Quote) fell nearly 5%.

Other stocks gaining ground included OSI Pharmaceuticals (OSIP Quote), up 7% to $28.25; Dendreon (DNDN Quote), climbing 5% to $6.58; Antigenics (AGEN Quote), higher by 9% to $13.37; and Protein Design Labs (PDLI Quote), better by 9% at $15.46.

Ribapharm (RNA Quote), Affymetrix (AFFX Quote) and Ilex Oncology (ILXO Quote) also were among the advancing issues.