Top-tier biotech stocks continued to drive up the biotechnologystock indexes on Monday. The AMEX Biotechnology Stock Indexgained 9.03 to close at168.38 and the Chicago Board OptionsExchange BioTech stock index rose 8.14 to close at 158.13.Biotech stocks outpaced the broader indexes, as the Dow Jonesaverage of 30 industrials was up 0.81 to 3,240.87 and theNASDAQ Composite Index gained 5.23 to 622.05.
On Friday, the AMEX was up 8.14 and the CBOE gained 5.90.
Individual biotech issues were buoyed by companyannouncements and analysts' repeated. Synergen Inc.(NASDAQ:SYGN), which announced it has completed patientenrollment for trials of its sepsis drug Antril, was up $2.88 ashare to $55.88. Stock in Gensia Pharmaceuticals Inc. (GNSA),which announced it will file a new drug application (NDA) withthe FDA, rose $2.50 a share to $28.75.
In addition, analyst Jay Silverman of Wertheim Shroderrepeated his strongest buy recommendation on Immunex Corp.(IMNX), up $3.25 a share to $53.25, and reiterated his"attractive" buy rating for Amgen Inc. (AMGN), up $2.63 ashare to $68.88; Biogen Inc. (BGEN), up $2.50 a share to $44.75;Chiron Corp. (CHIR), up $2.63 a share to $55.50; and Synergen.
Hambrecht and Quist analyst Wole Fayemi raised his earningsestimate for Biogen to 85 cents a share from 57 cents in 1992,and to 79 cents from 60 cents in 1993, citing higher-than-expected royalties from Intron A and hepatitis B vaccines.
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