JUNE TOP 20 BEATS ALL ORDS; CHEMGENEX UP 30%, PORTLAND DOWN 57%
July 3rd 2008 04:53
Biotech Daily
Tuesday July 1, 2008
Daily news on ASX-listed biotechnology companies
Tuesday July 1, 2008
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
While it is hard to find much positive to say about any sector, the Biotech Daily Top 20 Index (BDI-20) outperformed the All Ordinaries in June falling 6.4 percent compared to the ASX’s top 500 companies falling 7.6 percent.
The Second 20 fell 13.2 percent, contributing to the overall Biotech Daily Top 40 Index (BDI-40) loss of 8.4 percent for the month.
For the financial year to June 30, 2008 the BDI-40 was down 39.2 percent compared to the All Ordinaries’ 15.5 percent fall.
The three Big Caps of Cochlear, CSL and Resmed, which are not included in the BDI-40, fell a collective 11.4 percent for the month, with CSL recording its first monthly fall since January 2008, down $2,257 million or 10.3 percent to $19.7 billion. Cochlear lost 19.4 percent to $2,428, while Resmed lost 11.5 percent to $3148 million. For the year to June 30, the Big Caps were up 7.3 percent, all due to CSL alone.
Ten of the BDI-40 stocks were up, 28 fell with two unchanged for the month of June.
Chemgenex was best up 29.6 percent to a market capitalization of $210 million followed by Acrux up 29.3 percent to $194 million, followed by Mesoblast up 25.3 percent to $109 million. Impedimed climbed 12 percent with Avexa up 10.5 percent for the month.
Thirteen companies fell by more than 20 percent, with Portland Orthopaedic the worst, down 57.1 percent for the month to a market capitalization of $3 million, down 94 percent for the year. Agenix lost 52.9 percent to $16 million, Psivida lost 49.5 percent to $50 million, Cytopia was down 32 percent to $17 million, with Ventracor down 27.9 percent to $75 million, a 68 percent fall for the year.
Changes to the Top 40 this month are led by the promotion of Mesoblast to the Top 20 at the expense of Ventracor, which will go to the Second 20.It is with great reluctance that Biotech Daily demotes a company with a heart pump that works and is in phase III trials, but Ventracor is underperforming. That chief executive officer Peter Crosby was paid $2.45 million according to the company’s 2007 annual report is hard to overlook.
Portland Orthopaedics and Tissue Therapies have fallen dramatically over the year and will be replaced in the Second 20 by Labtech and Viralytics. Neuren has only just retained its place in the Top 20 as has Phylogica in the Second 20.
Biotech Daily Top 40 ($m) v ASX All Ordinaries 2007-08
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