Biotech Stocks Continue Recent Downtrend; Ariad Tumbles to Lowest Price in Nearly Three Years


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Biotech stocks were getting hit hard again Wednesday, with the S&P Biotechnology Select Industry Index (SPSIBI) down 4.9%, much worse than the 0.2% decline in the S&P 500 and a 0.8% drop in the Nasdaq Composite.

The sector has posted impressive gains year to date, with the SPSIBI up 31% on versus the S&P 500's 16% advance and the Nasdaq Composite's 21% climb.

The decliners included Genomic Health Inc. ( GHDX ), down 3.2%, Acorda Therapuetics Inc. ( ACOR ), down 2.4%; Amarin Corp. ( AMRN ), down 5.2%, Exelis ( EXEL ), down 1%; Discovery Labs Inc. ( DSCO ), down 3.3%, and Achillion Pharmaceuticals Inc. (ACHN), down 11%. Those are six of the seven biotech stocks InvestorPlace has said to sell; Wednesday, the site lowered its ratings on many of them.

In other biotech news, Ariad Pharmaceuticals Inc. (ARIA) fell 69% to $5.38 and hit a 52-week low of $4 per share, its lowest level since November 2010, on concern over its Leukemia drug, which was placed on clinical hold by the Food & Drug Administration.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing , Commodities
More Headlines for: ACOR , AMRN , DSCO , EXEL , GHDX

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