The biotech hits just keep coming. As if that nasty Protein Design Labs (PDLI) - Get Report news isn't horrible enough, this morning's Los Angeles Times online (didn't even make the hard-copy national edition) is reporting that Human Genome (HGSI) made some mistakes in its patents.
"Scientists have uncovered what they believe are glaring human errors in a patent issued last month to Human Genome Sciences for a human gene that plays a crucial role in AIDS," the bearish story reads.
Well, why don't they just shoot the darn thing?
I tried to bang out some on the short side as soon as I read it, but others reacted faster and it is already an 80 bid. Down 10. And it is only 9 a.m.
Don't forget, biotech is this market's
canary. The breathing remains very labored.
James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund had no positions in any stocks mentioned. His fund often buys and sells securities that are the subject of his columns, both before and after the columns are published, and the positions that his fund takes may change at any time. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Cramer's writings provide insights into the dynamics of money management and are not a solicitation for transactions. While he cannot provide investment advice or recommendations, he invites you to comment on his column at