Australian biotech market watch 23/06/09

Dow Jones took a pounding last night, dropping 3.5% following the World Bank's gloomy projections, which raised concerns the global recession is going to be deeper and longer than expected.

The All Ordinaries also opened with a sharp drop of 3% and has wallowed there all day as of 2.30pm Tuesday.

Health and biotechnology stocks have also taken a hit, down over 1%, although a few notable rises have insulated the health sector from the dramatic falls experienced elsewhere.

Ansell (ASX:ANN) is down 40c, or 4.5% to $8.80 after a strong day on Monday. Cochlear (ASX:COH), which has been pipped as a resilient stock by analysts in previous weeks, has also shed 36c to $56.15 after an optimistic rise this morning was quashed around midday.

Pharmaceutical company, Acrux (ASX:ACR), which last week signed a distribution deal for its Ellavie menopause treatment, took a 6.5% dive to $1.16. Even CSL (ASX:CSL) wasn't immune, dropping 1.5%, even after news that its seasonal flu vaccine has sold out in US pre-season orders, leading to CSL increasing its production to accommodate demand.

However, it wasn't all bad news for biotech. Ramsey Health Care (ASX:RHC) bucked the trend of the All Ordinaries, lifting by 8c to $11.42. Sirtex (ASX:SRX), which manufacturers SIR (Selective Internal Radiation) Spheres microspheres for treatment of colorectal liver metastases, also had a buoyant day, rising 13% to $3.73.