Report Card 2004: Biotech Hits and Misses
And what was I thinking when I figured value investors would appreciate Intermune (ITMN) for its work to develop a new hepatitis-C drug? Obviously, I wasn't thinking at all! Too many problems at Intermune and too long to wait for a turnaround. Grade: C.
The incomplete list for the year includes American Pharmaceutical Partners (APPX), though an FDA decision on its breast cancer drug Abraxane is due on or before Jan. 8. I'll also take a wait-and-see on my latest controversial and bearish pick, Celgene (CELG). On the bull side of the ledger, it's been a long year of waiting for Axonyx (AXYX), but an incomplete is necessary until clinical data are made public early next year.I'm sure I'm forgetting some good picks and pans for the year. If you think I'm neglecting something, or if you take issue with some of my grades, drop me a line.
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