BIOTECH STOCKS CONTINUE SLIDEThe AMEX Biotechnology Index continued its decline Monday,retreating 4.48 to close at 151.14. The NASDAQ composite indexalso drifted lower and was down 3.42 to 582.01.
Reflecting that decline, Chiron Corp. fell $3 to close at $51.50.The stock (NASDAQ:CHIR) has given up $5 a share since June 1.
Other biotechnology stocks posting large declines on Mondayincluded:
-- Genzyme Corp. (NASDAQ:GENZ), which closed down $3.25 ashare at $46.25; and
-- Amgen Inc., the most actively traded biotechnology stock,with more than 1.4 million shares traded. The stock(NASDAQ:AMGEN) closed at $58.13 per share, down $2.
Ivax Corp., the subject of a critical write-up in this week'sedition of Barron's, dropped 38 cents to close at $25.50. It wasthe most heavily traded stock on the American Stock Exchange,with more than 640,000 shares changing hands. Since June 1,the stock (ASE:IVX) has lost $2 per share.
Xoma Corp. recovered a small amount of its loss from last weekfollowing an announcement that the FDA may requireadditional clinical studies of its flagship E5 product. The stock(NASDAQ:XOMA) closed up 50 cents a share at $15.25. Volumewas heavy, with 923,000 shares changing hands.
MedImmune Inc. (NASDAQ:MEDI) dropped $1.75 per share toclose at $20.50 after gaining nearly $3 per share since June 1.
The biggest gainer among biotechnology stocks was DeKalbGenetics Inc. (NASDQ:SEEDB), up $1.13 to close at $31.63 andrecovering most of its $1.50-a-share loss on June 5.
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