SEVEN BDI-40 STOCKS MORE THAN DOUBLE IN 2007
January 3rd 2008 04:46
Biotech Daily
SPECIAL SUMMER EDITION
Wednesday January 2
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SPECIAL SUMMER EDITION
Wednesday January 2
subscribe to Biotech Daily at the link above
BIOTECH DAILY’S TOP 40
Biotech Daily predicted that 2007 would be “the year of the biotech” and for some it was true.
Seven of the Biotech Daily Top 40 Index (BDI-40) more than doubled in value in 2007 with two, Living Cell Technologies and Avexa, trebling over the 12 months. Sixteen of the BDI-40 stocks were up, 23 fell and one was unchanged.
Collectively the three Big Caps of Cochlear, CSL and Resmed improved 44.2 percent with CSL outstanding, up 67.6 percent to a market capitalization of $20.009 billion. Cochlear climbed 31.1 percent to $4.17 billion, with Resmed falling 5.1 percent to $4.6 billion.
The Biotech Daily Top 20 Index (BDI-20), which does not include the Big Caps, climbed 4.93 percent for the year to December 31, 2007 compared to the All Ordinaries up 13.8 percent for the year.
The Biotech Daily Second 20 fell 13.03 percent for the year – primarily due to Metabolic’s 95.1 percent fall from a market capitalization $247 million to a less-than-cash valuation of $12 million. This left the Biotech Daily Top 40 Index (BDI-40) down 0.4 percent for the year, having outperformed the All Ordinaries for most of the year and at times by 100 percent.
The single outstanding performer for the year was Living Cell Technologies up 208.7 percent from $23 million to $71 million. The company has announced positive preliminary results from its phase I/IIa Russian xenotransplant trial of pig cells for type 1 diabetes, with one patient claimed as insulin-free after one month of treatment.
Avexa also announced encouraging results from its phase IIb trial of apricitabine for resistant HIV/AIDS and climbed 195.9 percent from $74 million to $219 million, having fallen 26 percent in the last two months from $296 million. The current 54 cents share price compares to a year high of $1.03.
Agenix bought a Shanghai pharmaceutical company with a hepatitis B drug awaiting registration, now confirmed, along with a pipeline of other compounds and Chinese distribution. Agenix climbed 124.1 percent from $29 million to $65 million.
Chemgenex also announced positive trial results for its drug for resistant chronic myeloid leukemia climbing 115.4 percent for the year to $196 million, followed by Acrux (113.5%), Benitec (93.3%), Sirtex (66.2%), Prana (55.9%) and Pharmaxis continuing its journey to the $1 billion marker, up 55.8 percent to $821 million.
Metabolic led the falls (see above) following two trials demonstrating that its lead drugs were not effective. Portland Orthopaedic’s market capitalization fell 64.5 percent to $22 million, despite product sales. The company has replaced its chief executive officer.
Genetic Technologies fell 57.5 percent from $127 million to $54 million following the news of an Australian Securities and Investments Commission investigation into share transactions. Founder and chief executive officer Dr Mervyn Jacobson has stood down from the CEO position, but remains a director with the single largest shareholding of about 40 percent of the company.
Novogen fell 52.4 percent to $121 million, followed by Clinuvel (48.5%), Progen (42.2%) and Ventracor (37.1%).
The Biotech Daily Top 40 is being reviewed and will be announced on the resumption of publication on Monday January 21, 2008.
Biotech Daily Top 40 ($m) v ASX All Ordinaries 2007-08
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