biotech must be a screaming buy

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    Biotech index falls 23.9% last quarter
    09/04/2008 2:04pm
    The Intersuisse Biotechnology Index has posted its worst yet quarterly drop since its inception 12 years ago, falling by 23.9 per cent because of the continued decline of the stock market.

    The result, for the three months to March 31, was the worst quarterly drop since the index's inception in 1996.

    By comparison the NASDAQ Biotechnology index fell 2.7 per cent and the All Ordinaries index fell by 14.3 per cent over the same period.

    The index comprises Australian stock exchange-listed biotech companies and is run by stockbrokers Intersuisse.

    Only six companies in the index increased in price, with the majority experiencing declines of more than 10 per cent.

    The biotechnology index's fall has resulted in a number of biotech companies trading close to the value of their cash and short-term investments.

    Of the companies with a market capitalisation above $50 million, Progen is trading 1.6 per cent below the value of its cash and short-term investments.

    Arana, QRX, Novogen, Clinuvel and Avexa are trading at 22.2 per cent, 38.3 per cent, 48.6 per cent, 49.8 per cent and 50.3 per cent, respectively, of the value of their cash and short-term investments.
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