Biotechnology stocks followed the slide of the market ingeneral, with the AMEX Biotechnology Stock Index dropping7.32 points to 136.69 and the Chicago Board Option ExchangeBiotech Index losing 6.73 points, closing at 127.63. The DowJones average of 30 industrials fell 82.94 points to 3,309.49,the largest drop since Nov. 15, 1991.
Leading the decline among biotechnology issues were BiogenInc. (NASDAQ:BGEN), off $4.50 a share to $30.75, and AmgenInc. (AMGN), which tumbled $4 a share to $49.88 -- near its52-week low. Collagen Corp. dropped $3 a share, closing at$17.50.
The stock market was stung by talk of higher taxes andconcerns that the Clinton administration's promised health carereform will mean lower profits for drug companies.
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