Stocks of four biotech companies posted significant gainsWednesday. Amgen Inc. stock (NASDAQ:AMGN) rose $8 to$162.75 after Montgomery Securities analyst Brandon Fraddraised his earnings estimate for the second quarter endingSept. 30 to 96 cents a share from 83 cents. Fradd changed hisestimate due to lower-than-expected expenses for the quarter.
MedImmune Inc. shares (NASDAQ:MEDI) were up $2.25 to $24.25after Smith Barney analyst Denise Gilbert initiated coverageof the company with a "buy" rating. MedImmune ofGaithersburg, Md., completed an initial public offering in Mayof 2.5 million shares at $9.25. The company, which has Foodand Drug Administration approval to market a therapeutic forcytomegalovirus infections, is developing humanizedmonoclonal antibodies and vaccines to stimulate cell-mediatedimmunity for diseases such as AIDS.
Stock of Cambridge, Mass.-based Genzyme Corp. (NASDAQ:GENZ)jumped $4.38 to $42.63. On Monday, the company said that ithad developed transgenic goats that secrete tissueplasminogen activator, a drug used to treat heart attacks, intheir milk.
Somatogen Inc. (NASDAQ:SMTG) stock closed at $32.50, up$4.25. A presentation at last week's International Symposiumon Blood Substitutes in Montreal may have caused the gain,said Steven Shoemaker, vice president of drug development andmedical affairs at the Boulder, Colo.-based maker of humanblood substitutes. Shoemaker said no new information wasincluded in the presentation.
Earlier this month, Somatogen completed an IPO of 2 millionshares of stock at $19 a share. -- Karen Bernstein
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