Biotechnology stock prices rose Wednesday, but lagged behinda soaring Dow Jones industrial average.

Still, thanks to big gains on Tuesday, the AMEX BiotechnologyStock Index racked up a two-day gain of 4 percent thatoutpaced the Dow, which had risen nearly 3 percent sinceMonday's close.

The AMEX Biotech Index finished Wednesday at 162.25, upfrom Monday's close of 156.10, but still slightly below its closeof a week before. The rising DJIA, reflecting a rally spurred bydeclining long-term interest rates, closed Wednesday at3379.19, up from 3282.20 on Monday.

On a day marked by few announcements by biotechnologycompanies, some companies posted big gains. Among themwere: Cytel Corp (NASDAQ:CYTL), which rose $1.75 a share to$9.75; Affymax N.V. (ATISA), up $1.75 a share to $21.50; andApplied Immune Sciences (AISX), which gained $1 a share to$16. For the first time since last winter, Amgen Inc. traded foran entire session above $65 a share.

On the down side, British bio-technology Group plc ADRs(BBIOY) declined $1.75 each to $14.26 and Cor Therapeutics(CORR) fell $1 a share to $11.25.

(c) 1997 American Health Consultants. All rights reserved.

No Comments