BIOTECH DAILY TOP 40 INDEX: DECEMBER – CLOSE TO THE BONE
December 4th 2008 01:54
Biotech Daily
Monday December 1, 2008
Daily news on ASX-listed biotechnology companies
Monday December 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 the 10.85 percent fall of the Biotech Daily Top 40 Index (BDI-40) in the month to November 30, 2008 was better than the All Ordinaries 11.4 percent tumble, that could be because several companies are below cash backing and lower values are unrealistic.
The three Big Caps (which are not included in the BDI-40) were 2.7 percent lower for the month of November, dragged down by CSL falling 4.6 percent to $20.9 billion, Cochlear down 3.0 percent to $3.1 billion and Resmed the only star, up 8.7 percent to $4.1 billion.
For the year to November 30, the All Ordinaries fell 46.5 percent, the BDI-40 fell 55.1 percent, but the Big Caps climbed 2.7 percent.
Eight of the BDI-40 stocks climbed in the month of November, 27 fell and five were unchanged. The winners did so from low bases, with Genetic Technologies best, up $3 million or 21.4 percent to a market capitalization of $17 million, compared to $56 million a year ago.
Progen climbed 17.5 percent to $47 million, despite holding $70 million in cash, followed by Phosphagenics up 16.3 percent to $50 million, Polartechnics up 15.8 percent to $22 million, Neuren (13.3%), Biota (8.5%), Cytopia (7.7%) and Arana (2.2%). Bone, Cathrx, Optiscan, Ventracor and Viralytics were unchanged.
Benitec led the falls, down 40 percent to $9 million followed by Starpharma down 30.8 percent to $36 million, Acrux down 29.5 percent to $74 million Tyrian (formerly Proteome) down 26.7 percent to $11 million, Labtech down 25 percent to $12 million and Living Cell down 23.3 percent to $33 million.
Among the nearly 70 companies outside the Top 40, 10 are worth a Sydney house ($2m) and seven could be swapped for a Melbourne house ($1m). Some question why they bother to remain listed, but there are All Ordinaries’ top 500 companies worth far less.
The only change to the Top 40 is the promotion of Universal Biosensors to the BDI-20 and the relegation of Tyrian from the Top 20 to the Second 20. Universal Biosensors expects its first diagnostic for blood glucose to be marketed by Johnson & Johnson in 2009.
Biotech Daily Top 40 ($m) v ASX All Ordinaries 2007-08
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