BIOTECH DAILY TOP 40: SUMMER SHINES ON BIOTECHS
March 12th 2009 22:43
Biotech Daily
Monday March 2, 2009
Daily news on ASX-listed biotechnology companies
Monday March 2, 2009
Daily news on ASX-listed biotechnology companies
Subscribe to Biotech Daily at the link above or at www.biotechdaily.com.au
BIOTECH DAILY’S TOP 40 INDEX
Biotechs improved for the third month in a row with the Biotech Daily Top 40 Index (BDI-40) up 9.6 percent in the three months to the end of February, compared with the S&P ASX 200 fall of 10.6 percent.
While the Thoratec bid for Heartware increased its market capitalization by 90.3 percent or $168 million, Cellestis was up 46.5 percent to $211 million on positive results. The BDI-20 climbed 5.7 percent in February compared to the S&P ASX 200 fall of 5.5 percent. The data does not include the impact of Cephalon’s $318 million bid for Arana.
Both the Biotech Daily indices outperformed the S&P ASX 200 over 12 months, with the benchmark down 40.0 percent for the year to February 28, 2009, while the BDI-20 fell 26.7 percent and the BDI-40 lost 39.4 percent. The contrast was more stark with the three Big Caps (which are not in the BDI-40) up 4.1 percent for the month and 16.7 percent for the year to the end of February. Cochlear fell 9.6 percent in February, CSL climbed 6.1 percent and Resmed gained 4.1 percent.
Nine of the Top 40 companies were up, 24 fell and seven were unchanged. Heartware’s 90.3 percent increase in market capitalization to $354 million is well below the $429 million Thoratec offer and the data is complicated by the ASX failure to provide total market capitalizations. The ASX says it is only responsible for Australian traded data, so market capitalizations of dual-listed companies are calculated on the companies’ stated data.
Cellestis’ $211 million was its best price since September 2008, followed by Benitec and Labtech both up 20 percent to $12 million; Sirtex (13.6%) and Impedimed (13.5%).
Tyrian led the falls down 40 percent to $6 million, Prana fell 33.8 percent to $43 million, while last month’s top stock, Peplin, retreated $31 million or 30.7 percent to $70 million. Genetic Technologies fell 22.2 percent to $14 million, Pharmaxis lost 20.6 percent to $223 million, with Phylogica and Polartechnics down 20 percent, followed by Cathrx (17.4%), Psivida (16.7%) and Acrux (16.3%).
Until the Progen mergers are decided it remains a Top 40 company but Stem Cell Sciences departs the Second 20 to be replaced by Nanosonics which climbed 47.6 percent to $31 million in February.
Biotech Daily Top 40 ($m) v S&P ASX 200 2008-‘09
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