Biotechs Get Blitzed
Biotech Blowup
The boom that had been biotech stocks got lowered today when Merrill Lynch cut its near-term ratings on Amgen (AMGN Quote), Genzyme (GENZ Quote), Idec Pharmaceuticals (IDPH Quote) and Medimmune (MEDI Quote).
Only Amgen sidestepped the sideswipe, rising 0.7% to 81 7/16 after trading as low as 78 3/8. Shares of the others fell between 2.6% and 4.6%, while the broader market rallied.
"I hate agreeing with the sell side but every now and then they get it right," said Evan Sturza of Sturza's Medical Research. "It was a well-timed, appropriate call. There are stocks that are crazy, wild Internet-like momentum stocks. [They're] off the charts, trading at valuation levels that defy logic. These are good companies but at some point you have to say they're overdone." ...
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