Health Winners & Losers: Genentech
09/29/08 - 03:58 PM EDT
Elizabeth Trotta
Biotech and pharma stocks were smashed with the broader markets Monday as the House rejected an economic bailout plan.
The Nasdaq and Amex biotechnology indices were down 3.3% and 3%, respectively. Biotech staple Genentech(DNA Quote - Cramer on DNA - Stock Picks) shed 6.46%, Amgen(AMGN Quote - Cramer on AMGN - Stock Picks) gave up 8.52% and Gilead's(GILD Quote - Cramer on GILD - Stock Picks) shares were off by 12.75%. Biogen Idec.(BIIB Quote - Cramer on BIIB - Stock Picks) shares lost 1.77%, to $48.89. The Amex pharmaceutical index faired worse than the biotech indices, falling 5.45%, to 282.94. Among those hit the hardest, Sanofi Aventis(SNY Quote - Cramer on SNY - Stock Picks) gave up 8.06% and GlaxoSmithKline (GSK Quote - Cramer on GSK - Stock Picks)fell 6.34%. A few news items: The drama drags on for ImClone(IMCL Quote - Cramer on IMCL - Stock Picks) investors. The company said Monday that its mystery $70-a-share bidder will either make a firm proposal or withdraw its offer by Wednesday. Thus, investors may have to wait until Wednesday, but should find resolution. Of course, Bristol-Myers Squibb (BMY Quote - Cramer on BMY - Stock Picks), which has a standing hostile tender for $62 a share, is also eager for word. ImClone shares traded down $1.42, or 2.24%, to $61.96, while Bristol shares were off 97 cents, or 4.7%, at $19.85. Wuxi PharmaTech (WX Quote - Cramer on WX - Stock Picks) and Covance(CVD Quote - Cramer on CVD - Stock Picks) said Monday that they'll no longer pursue a joint venture in China and the U.S. Wuxi shares fell $2.11, or 11.8%, to $13.83. The company said it will return to its original plan to build and operate a 323,450-square-foot facility in Suzhou, China, set to open in the second half of 2009. Covance also said it will revert to its original plan to build a world-class preclinical facility in the region. Covance shares fell $2.09, or 2.27%, to $89.84.
RSS
