Shares of biotechnology companies tumbled Friday as U.S. and world financial markets plunged over fears there could soon be a global recession, though they didn't fall as far as the broader market.
Mostly positive earnings results this week from the relatively defensive and insulated biotechnology industry could not stave off a decline.
The American Stock Exchange's biotechnology index fell 18.27 points, or 2.9 percent, to 611.82 in morning trading. The index tracks several bellwether stocks. The Nasdaq Stock Market's biotechnology index, which covers a broader range of small- and midcap stocks, fell 21.25 points, or 3.1 percent, to 672.39.
The Dow Jones industrial average fell 321.06 points, or 3.8 percent to 8,332.76, while the Nasdaq fell 58.45 points, or 3.6 percent, to 1,545.46. The Standard & Poor's 500 index fell 36.48, or 4 percent, to 871.63.
Leaders of the biotech stock decline included powerhouse Genentech Inc., which fell $3.94, or 4.8 percent, to $78, while Amgen Inc. shed $1.53, or 2.6 percent, to $54.29. Elsewhere, Biogen Idec Inc. fell $1.60, or 3.9 percent, to $39.84, while Gilead Sciences Inc. fell $1.42, or 3.2 percent, to $44.05.
--from Yahoo bizz
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