Market watch: Biotechs take battering as markets lurch
Monday, 08 August, 2011
Sovereign debt concerns have sent markets worldwide into a funk, with Australian biotechs caught in the crossfire.
The All Ordinaries fell sharply in morning trading, following on from a steep drop last Friday. After a minor rally as bargain hunters moved in, the All Ords sits at 4,091.6 as of 2.30pm this afternoon, down 1.87% from its open.
Biotechs have also felt the pinch, chief among them QRxPharma (ASX:QRX), which has continued its week-long slip, dropping to $1.32 today, down 6.8%
Sydney-based Pharmaxis (ASX:PXS) also took a hit, dropping to $1.01, down 7c or 6.45%, as well as Prima BioMed (ASX:PRR), which shed 1c to 17.5c.
Mesoblast (ASX:MSB), which has been in the news of late because of its soaring share price over the last six months, dropped by over 5% to $8.02.
Sirtex (ASX:SRX), makers of SIR-Spheres, also shaved 23c off its share price to $5.14, down 4.28%.
Even the Big Three weren’t spared, with CSL (ASX:CSL) losing 78c to $27.61; ResMed (ASX:RMD) dropping 4c to $2.64; and Cochlear down by 84c to $66.02.
Market analysts are conflicted about what the present global situation implies for the Australian economy, which is less affected by sovereign debt woes.
ADHD drug shows promise for treating meth addiction
A prescription medication used to treat attention deficit hyperactivity disorder (ADHD) could be...
Quitting smoking increases life expectancy even for seniors
Although the benefits of quitting smoking diminish with age, there are still substantial gains...
Stem cell transplants treat blindness in mini pigs
Scientists have successfully transplanted retinas made from stem cells into blind mini pigs,...
