ASCO Has Biotechs Riding High

Updated from 12:21 p.m. EDT

The biotech sector was already in rally mode in recent weeks, but the decidedly upbeat news released at this year's meeting of the American Society of Clinical Oncology provided an additional lift to the group on Monday.

Many biotech stocks finished off their highs of the session, as the group fell victim to the same late-day sluggishness that hit the broader market, but on the whole, the sector was still positive.

Vion Pharmaceuticals (VION Quote), Genentech (DNA Quote) and Millennium Pharmaceuticals (MLNM Quote) were among the names climbing to start the week, but one of the biggest winners of the day was ImClone Systems (IMCLE Quote). ...