The stock of two companies whose lead drugs are in Phase IIIclinical trials moved in opposite directions on Wednesday,while the biotechnology indexes also went their separate ways.
The precipitous decline over the past three days in the value ofthe shares of Gensia Pharmaceuticals Inc. continued as the SanDiego company gave up $3.12 a share to close at $18.87.
Gensia's stock (NASDAQ:GNSA), which traded as high $38 beforegiving up $2 a share on Monday, slid $13.50 a share onTuesday. A statement by the company that international trialsof Arasine were not "statistically significant" triggered the sell-off.
Units of Gensia spinoff Aramed Inc. (NASDAQ:ARAMZ), also ofSan Diego, continued to fall on Wednesday, dropping $5 a shareto end the session at $18.50.
The value of shares in Greenwich Pharmaceuticals Inc.(NASDAQ:GRPI), on the other hand, jumped $3.50 Wednesdayto close at $11. Greenwich said that members of the ArthritisAdvisory Committee agreed with the company's data on theefficacy of Therafectin after a closed-door session.
Meanwhile, the CBOE Biotech Index of biotechnology companiesfell 1.3 points to close at 135.92, and the AMEX BiotechnologyIndex rose 3.27 to 150.62.
The Dow Jones industrial averages drifted to a loss of 2.16points amid persistent uncertainty over the internationalinterest-rate outlook.
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