Australian biotech market watch 13/08/09

By Tim Dean
Thursday, 13 August, 2009

The embattled finance sector led a rally in the Australian stockmarket today, with the All Ordinaries up nearly 2% to 4,429 around 4pm this afternoon. S&P Health index is also up 1.7%.

The big movers include Ansell, up 10c to $9.51, despite one analyst posting so-so long term prospects for the company. Cochlear (ASX:COH) is also up 1.15%, or 68c, to $59.88 on the back of strong profit results released earlier in the week. Healthscope (ASX:HSP) also gained 16c to $4.52.

Greencross (ASX:GXL) saw heavy trading from Wednesday through to today, lifting from its Tuesday close of $0.62 to $0.75, a 21% jump.

iSOFT Group (ASX:ISF) aims to capitalise on the burgeoning US spending on digitising health records with its acquisition of US software developer BridgeForward, and has subsequently seen its share price rise from $0.75 on Monday to $0.83 today, a tidy 11% lift.

Sonic Health Care's (ASX:SHL) acquisition of two US pathology labs also saw increased interest in its stock, with it rising over 3% in today's trading to $12.64.

And let's not forget BioPharmica (ASX:BPH), which rocketed up from $0.026 at close last Friday to $0.31 this afternoon - a heady 1,200% rise - on the back of news it received a US patent for its tumour suppressing factor.

Biota Holdings's (ASX:BTA) news that it will return $20 million in cash - or 11c per share - to its shareholders was welcomed with a 2% lift to $2.08.

CSL (ASX:CSL) has also had a strong month, making steady gains and topping $32.25 today, up 29c.

The only significant moves in to the red include Progen Pharmaceuticals (ASX:PGL), down 1c or 1.4% to 69c, and pSivida Corp (ASX:PVA), which shed many of the gains it's made over the past several weeks, dropping from a high of $3.49 on Tuesday to $3.10.