Biotechnology has surged higher in recent months as a combination of good news and speculation lifted the group's well-knowns and unknowns alike, but on a day that sellers took control of the broad market, this superheated sector also took a tumble.
Two broad sector measures reflected the selloff. The Amex Biotech Index ended the day down 4.6%, and the Nasdaq Biotech Index gave up 6.1%.
Individual stocks were hit hard, and one of those feeling the pain most acutely was
Protein Design Labs
, which fell nearly 11% to $15.35.
Human Genome Sciences
dropped almost 8% to $12.40.
lost 6% to $14.62.
Elsewhere in sector,
fell 6% to $43.48,
shed almost 6% to $14.96, and
was down 5% to $44.75.
Most of the well-known names in the group were under some degree of selling pressure, including
, off 5% to $43.25, and
, lower by 3% to $63.82.
held up relatively well, declining only 0.6%, or 46 cents, to $74.07. Helping support Genentech was
a bullish report from research firm UBS on the stock and the company's prospective cancer treatment Avastin.
was off 5% to $51.30, and
declined 1% to $35.76.
(Adam Feuerstein, a columnist for
took a look today at the biotech sector's recent run-up, and he offered some insight regarding just how long the optimism might continue lifting these stocks.)
The smaller-cap names were also seeing their fair share of selling.
was down 11% to $9.01.
lost more than 4% to $6.86, while
slipped 2% to $5.06.
Large pharmaceutical companies headed lower, as well.
was down 0.6% to $41.60,
dropped 1.3% to $35.60, and
lost 1.5% to $62.30. Meanwhile,
fell 3% to $41.70.
was sent down 12% to $53.29 after the company reported
disappointing data from a recent study involving the company's Alzheimer's treatment. The Amex Pharmaceutical Index declined 2% on the day.