TOUGH DAY FOR HEALTH CARE ISSUESWith big health care company stocks under the weatherTuesday, biotechnology stocks swooned, almost in sympathy.The AMEX Biotechnology Index drifted down 1.56 to 158.66 forthe day.
Disappointing sales growth sent the stock drug giant Bristol-Myers Squibb down $6.88 a share to $66.88, dragging downseveral other health care issues.
In the biotechnology sector, Chiron Corp. (NASDAQ:CHIR) fell$1.50 a share to $55. Bear Stearns analyst David Molowa onTuesday warned that the company's effort to develop a drugfor treating septic shock could suffer from the problems facingcompeting products.
Alteon Inc. gave up its $1.75 a share gain on Monday, fallingTuesday $1.88 a share to close at $19.13. GensiaPharmaceuticals Inc. (NASDAQ:GNSA) was down $1.50 a shareto $36.75.
Among the sector's few gainers were Biochem PharmaceuticalsInc. (NASDAQ:BSHXF), up $1.38 a share to $17; and Somatogen(NASDAQ:SMTG) and MedImmune Inc. (NASDAQ:MEDI), whichboth climbed $1.25 a share, to $35.50 and $20.75, respectively.
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