Biotechnology Stocks Moving Up Again
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The bulls are running wild again in the biotech sector.
On Monday the Amex biotech stock index rose 0.7% to 729.69, even as the Nasdaq composite fell 1.1%. The biotech index has rocketed from its May lows, and now is less than a 10% move from retaking its March peak.
Among the big movers Monday:
* Progenics Pharmaceuticals (ticker symbol: (PGNX) soared $6.81 to $23.50 on enthusiasm about the firm’s experimental anti-AIDS drugs, details about which were reported Monday at the 13th International AIDS Conference.
* Cepheid (CPHD), which makes instruments for DNA testing, soared $6.81 to $21.88 after saying it won a $1.8-million two-year contract from the U.S. Army to develop a portable biological agent-detection system.
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Biotech’s New Hot Streak
The Amex index of 17 biotechnology shares rallied again Monday, nearing its record closing high of 794.53 reached in early March, before Nasdaq’s dramatic sell-off. Weekly closes and latest for the index,
which includes such
names as Immunex,
Amgen, Biogen and
Human Genome
Sciences:Monday:
729.69Source: Bloomberg News
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