Biotech and pharmaceutical issues slid into the red Thursday as the broader market turned bearish once again on concerns about the health of the Asian markets and U.S. lenders.
The DJ Wilshire Pharmaceutical Index was down nominally at 2,336.25 and the DJ Wilshire Biotechnology Index fell 1.6% to 3,052.20.
Amgen was the notable decliner among the large caps, with shares dropping 3% to $62.35.
The biotech giant said late Wednesday that the Securities and Exchange Commission had launched an informal investigation into a halted study run by the company for its anemia drug Aranesp as a possible treatment for head and neck cancers.
Amgen also said it will participate in a Food and Drug Administration meeting that will discuss using such drugs as Aranesp to treat certain types of cancer patients. The meeting is scheduled for May 10.
Bristol-Myers Squibb was one bright spot, with shares trading up 1% at $26.68. Analysts at UBS upgraded the stock from neutral to buy, citing valuation and its attractiveness as a takeover target.
Wyeth shares also rose, up 1% at $49.30. The drugmaker said late Wednesday that it sees first-quarter 2007 earnings beating the current Thomson Financial polled analysts' average estimate of 85 cents a share.
Wyeth also said that the number of cases filed against it over its hormone treatment Prempro has not substantially increased since its last update. About 8,400 women have filed suit, claiming they were injured by the product.
Shares of Hana Biosciences jumped 5% to $4.00. The stock's rating was upped to buy by Cantor Fitzgerald. End of Story
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