Biotechnology stocks continued to surge upward on Monday asthe AMEX Biotechnology Stock Index rose 5.24 to 144.21 andthe Chicago Board Options Exchange BioTechnology Index wasup 5.65 to 138.85. The Dow Jones average was up 14.04 pointsfor the day to 3,188.45 and the NASDAQ index rose 8.06 to590.67 on the fifth anniversary of the crash of 1987.
Among the top biotech stock gainers for the day were:
-- Collagen Corp. (NASDAQ:CGEN), up $3 per share to $20. ThePalo Alto, Calif., company reported Monday that it received aletter from the FDA requesting updated information fromCollagen's current clinical trial on Contigen Bard CollagenImplant. Collagen said the FDA also made suggestions andrequests related to the proposed post-approval study plan andpatient and physician labeling.
-- Gensia Pharmaceuticals Inc. (NASDAQ:GNSA), up $2 a shareto $21. The San Diego company on Monday announced positivePhase II clinical data from two trials of arbutamine, a drug thatis part of the company's system for diagnosing coronary arterydisease and myocardial ischemia.
-- Ivax Corp. (ASE:IVX), up $1.75 a share to $28.75. The Oct. 26issue of BusinessWeek includes a very bullish article on theMiami company.
Other biotechnology stocks that gained more than $2 wereImmunex Corp. (NASDAQ:IMNX), up $3.38 a share to $48.75;Somatogen Inc. (NASDAQ:SMTG), up $2.50 to $18.75; SynergenInc. (NASDAQ:SYGN), up $2.13 a share to $47.75; and AmgenInc. (NASDAQ:AMGN), up $2.13 a share to $64.13.
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