Anemic Amgen Loses Status as No. 2 Biotech

With its shares battered by pressures on its key drug franchise, Amgen(AMGN Quote) has lost its status as the No. 2 biotech by market cap to Gilead(GILD Quote).

Amgen's stock closed Wednesday at $39.97, marking the first time shares have fallen below $40 since July 2002. The company now has a market capitalization of $42.89 billion, compared with $44.34 billion at Gilead and $86.6 billion at the biggest biotech outfit, Genentech(DNA Quote).

The switch comes as Gilead, a specialist in HIV/AIDS drugs, has seen its shares surge 34% since this time last year. Shares of Amgen, in contrast, have tumbled 32% in that same period. ...