Biotech shares lost some steam Friday but maintained smallgains despite declines in broader market indicators.
Gains by three stocks in the AMEX Biotechnology Index helpedit gain another 3.22 points to close the week at 146.81.
Genzyme Corp. shares (NASDAQ:GENZ) rose $2 to $42.75 aftertwo analysts raised their ratings. Robert Kupor of Kidder,Peabody, who changed his rating to "buy" from "hold," wrote,"Although no dramatic developments have transpired atGenzyme, we believe the combination of near-termprofitability and a maturing product pipeline are likely tomake Genzyme stock a major beneficiary of any biotechnologyrally, which seems to be under way at this time."
Teena Lerner of Shearson Lehman upgraded her rating onGenzyme to a "strong buy" from a "buy."
Gensia Pharmaceuticals Inc. gained $2.25 to $33.75. Thecompany (NASDAQ:GNSA) reported a net loss of $8.5 million, or30 cents per share, on revenues of $6.6 million for the firstquarter ended March 31. For the 1991 quarter, the companyhad a net loss of $6.3 million, or 32 cents, on revenues of $1.1million. The 1992 results reflect, in part, the cost of Phase IIItrials of Arasine in patients undergoing coronary artery bypasssurgery, the company said.
Synergen Inc. (NASDAQ:SYGN) rose $1.50 to $39. The companyreported late Friday a net loss of $520,700, or 2 cents pershare, on revenues of $10.5 million for the first quarter endedMarch 31. In the 1991 quarter, Synergen had a net loss of $2.3million, or 14 cents per share, on revenues of $3 million. Thecompany attributed revenue growth to increased funding forAntril from Synergen Clinical Partners and increased interestincome.
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