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Health and Healthcare

Biotech Indices Mixed as AMEX Gains, Nasdaq Slips

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By Douglas A. McIntyre Published
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From BioHealth Investor

by H.S. Ayoub
BioHealth Investor.com

The major biotech indices were mixed on Monday.

The AMEX Biotechnology Index (^BTK) gained more than 3 points, ending trading at $761.54, while the Nasdaq Biotech Index (^NBI) slipped slightly to $806.75.

Vertex Pharmaceuticals (VRTX), a component of both indices, gained more than 13% on the day after the company announced that its fourth quarter preliminary revenue total of $100 million exceeded analyst expecations. While total revenue for the quarter was 10% lower than that of 2005, it still beat the consensus of $99.5 million. The company will release the final financials on February 7.

Seattle Genetics (SGEN) jumped almost 25% as the company announced it had entered into a licensing agreement with biotech giant Genentech (DNA) to develop and commercialize the monoclonal antibody SGN-40 for the treatment of multiple myeloma, chronic lymphocytic leukemia and non-Hodgkin’s lymphoma.

Shares of BioCryst Pharmaceuticals (BCRX) lost more than 10% as the company announced it had appointed John Stonehouse to replace the company’s former CEO Dr.Charles Bugg who retired.

BioVeris Corp. (BIOV) dropped 11% after the company announced it will initiate an audit of its licensing deal with Roche Diagnostics Corp. The move was motivated by a milestone payment of $2.8 million by Roche which BioVeris believes does not satisfy the terms of the deal.

http://www.biohealthinvestor.com/

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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