Australian biotech market watch 02/02/10

By Tim Dean
Tuesday, 02 February, 2010

Biotech stocks continued to slump today as the market rebounded following two weeks of decline.

The All Ordinaries was up by 68 points, or 1.5% as of 3.30pm this afternoon, primarily on the back of minerals, energy and mining stocks.

The benchmark S&P/ASX 200 Health Care index, by comparison, was down 16.7 points to 8188.8.

Leading the drop was CathRX (ASX:CXD), shedding 13.6% to 38c, following a statement by the company indicating second half revenues for this year are not expected to exceed first half revenues.

Xenotransplantation specialists, Living Cell Technologies (ASX:LCT), also dropped 7.1% to 19.5c after a few days of ups and downs.

It appears Mesoblast (ASX:MSB) has finally peaked after experiencing a stellar start to the year, with the stock levelling over the past week and dropping by 9c to $1.88 today.

ChemGenex (ASX:CXS), which is due to start sale of its anti-leukaemia drug in the U.S. in March, dipped by nearly 4% to 86c in moderate trading.

QRxPharma (ASX:QRX) has seen some fluctuating prices over the last week, up today by 7.5% to 86c.

Of the Big Three, CSL (ASX:CSL) and ResMed (ASX:RMD) are down fractionally, and Cochlear (ASX:COH) has levelled out at $62.00, down 32c for the day.

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