SECOND-QUARTER STOCK SUMMARYBiotechnology stocks lost ground in the second quarter, withthe sector posting a 9 percent decline. Of the 90 companiestracked by BioWorld, 52 fell and 32 rose, with six unchanged.
By comparison, the composite NASDAQ index fell 1.3 percent,while the Dow was virtually unchanged.
Sixteen new companies joined the list, including 13 thatcompleted initial public offerings in the quarter. InvitronCorp., which is being liquidated, was dropped.
Among the non-penny stocks, the biggest winners wereEscagenetics Corp. (AMEX:ESN), up 177 percent; MedImmune Inc.(NASDAQ:MEDI), up 92 percent; and Agouron PharmaceuticalsInc. (NASDAQ:AGPH), which climbed 51 percent.
Escagenetics soared late last month after the company said ithad a new method of making taxol, an anti-cancer drug.
MedImmune stock rose sharply following publication of twostudies reporting that vaccine technology owned by thecompany stimulated immune responses in mice.
Agouron stock jumped in April after the company reported thatit had determined a portion of the three-dimensional structureof reverse transcriptase, an enzyme critical for replicatingthe AIDS virus.
The biggest losers were two companies targetingneurodegenerative diseases which completed initial publicofferings this quarter: Regeneron Pharmaceuticals Inc.(NASDAQ:REGN), which fell 49 percent, and Procyte Corp.(NASDAQ:PRCY), which fell 46 percent.-- Karen Bernstein
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