JULY BDI-20 BEATS ALL ORDS, AGAIN: HEARTWARE UP 54%, PROGEN DOWN 55%
August 3rd 2008 07:43
Biotech Daily
Friday August 1, 2008
Daily news on ASX-listed biotechnology companies
Friday August 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
For the second month in a row, the Biotech Daily Top 20 Index (BDI-20) outperformed the All Ordinaries, falling 1.9 percent in July, compared to the ASX’s top 500 companies falling 5.2 percent.
The Second 20 also outperformed the All Ordinaries Index, down just 0.6 percent, taking the overall Biotech Daily Top 40 Index (BDI-40) down 1.5 percent for the month.
For the year to July 31, 2008 the BDI-40 was down 39.2 percent compared to the All Ordinaries’ 18.3 percent fall.
The three Big Caps of Cochlear, CSL and Resmed, which are not included in the BDI-40, fell 1.3 percent for the month, with CSL recording its second consecutive monthly fall since January 2008, down $605 million or 3.1 percent to $19.0 billion, while Cochlear was up $31 million and Resmed up 9.4 percent to $3,048 million.
For the year to June 30, CSL alone pushed the Big Caps up 4.2 percent.
Fifteen of the BDI-40 stocks were up, 23 fell with two unchanged for the month of July.
Heartware was July’s best, up 53.5 percent to a market capitalization of $152 million followed by Mesoblast recovering a further 17.4 percent to $128 million. Phylogica rose 16.7 percent from a low base to $14 million with Prana up 11.8 percent, Optiscan up 11.1 percent and Pharmaxis up 9.1 percent to $323 million.
Progen was the worst performer following the halt to its phase III cancer trial, down 55.4 percent to $37 million a fall of 83.8 percent for the year. Agenix lost 43.8 percent to $9 million, Psivida fell 34.0 percent to $33 million followed by Living Cell (20.7%), Sunshine Heart (20%), Benitec (18.1%), Sirtex (16.8%), Ventracor (15%), Universal Biosensors (13.6%), Peplin (12%), Cathrx (11.8%) and Proteome (11.1%).
Biotech Daily did not intend to make changes to the Top 40 this month, but Progen’s woes and the revelation that Heartware’s $31 million capital raising attracted the interest of FMR Corp and Fidelity among others, leaves little choice but to promote Heartware to the Top 20, replacing Progen, which retains about $77 million in cash and joins the Second 20.
Biotech Daily Top 40 ($m) v ASX All Ordinaries 2007-08
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