CSFB Launches Coverage on Therapeutic and Genomic Biotechs

Author:
Eric Gillin
Publish date:
Feb 14, 2001 11:20 AM EST

Credit Suisse First Boston analyst Meirav Chovav initiated coverage on the bustling biotechnology industry today, starting 20 of the industry's biggest names. She covers both therapeutics companies that produce treatments, therapies and drugs and genomics companies that scour the genetic code for trouble-making genes.

This morning's call is especially timely because of recent news from

Celera Genomics

(CRA)

, which recently announced it mapped the entire human genome. Upon completing its research, Celera discovered that the human genome was made up of a mere 30,000 to 40,000 genes. Rival

Human Genome Sequencing Consortium

, an academic endeavor funded largely by the

National Institute of Health

and the

Wellcome Trust of London

, agreed and announced very similar results in a paper of its own.

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These breakthroughs have roiled not only the scientific community, which estimated that the human genome could have as many as 140,000 genes -- but the business community as well. Now, the number of genes available to produce drugs is smaller and many companies that one claimed access to more than 100,000 genes will have to make some changes. This means Celera competitors

Incyte Genomics

(INCY) - Get Incyte Corporation Report

and

Human Genome Sciences

(HGSI)

For the second day in a row, biotech stocks were stumbling pretty badly. The

American Stock Exchange Biotechnology Index

dropped 3%, with genomics companies taking the brunt of the blow. Chovav was not available to comment on the selloff. Here are her initiations with stock quotes for the notable losers: