Biotech stocks recouped some of Friday's losses during aMonday afternoon rebound, but market watchers predicted thesector has seen its high for the year and the next few monthsas well.
Amgen Inc. gained back $3 after losing $5.50 on Friday. GensiaPharmaceuticals Inc. rose $3 after falling $6, Immunex Corp.was up $3.63 after losing $6.75, and Synergen Inc. was up$4.25 after declining $8.75. Somatogen Inc. made up its $3.50loss from Friday.
Among the more speculative issues, Immune Response Corp.picked up $2.50 after losing $6.25, MedImmune Inc. gained$4.50 after it was off $10.63, and SyStemix Inc. rose $4.25 afterfalling $6.
Xytronyx Inc. regained $3 after plunging $14.38 on news thatthe Food and Drug Administration would not approve itspremarket application for the PerioGard Periodontal TissueMonitor Kit. The San Diego company said Monday that it plansto introduce a veterinary periodontal kit for the small animalpractice in 1992.
"I was surprised by the cool heads that prevailed today and thestrength of some of this year's initial public offerings," saidAlex. Brown & Sons Inc. broker Michael King.
Investors looked for bargains in stocks they liked, which weresuddenly 10 percent cheaper, said PaineWebber analyst LindaMiller. "I don't expect a big follow-through," Miller said,because most of the medical meetings that produce news areover until January.
Market technician Stan Weinstein, editor and publisher of TheProfessional Tape Reader, predicted that last week marked thesector's highs for the next six months. He's advising his clientsto take profits on upward ticks.
The market's weakness will probably moderate the pricing ofthe IPOs still on the table, said Miller.
IPOs still to close include ImClone Systems Inc., which isoffering 2 million shares with a proposed price range of $13 to$15 per share; DNX Inc., which is offering 2.5 million shares at$13 to $15; Cytel Corp., with 3 million shares at $12 to $14;Magainin Pharmaceuticals Inc., with 2 million shares at $10 to$12; Genta Inc., which did a silent filing; Deprenyl USA, whichfiled for 1 million units priced at $11 to $13; Aramed Inc., with2.5 million units at an expected price of $20 per unit; andAgridyne Technologies Inc., with 2 million shares at $10.50 to$12.50.
-- Karen Bernstein BioWorld Staff
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