EUROPEAN: bourses were all down significantly in the reporting period to November 5, pushed lower by the poor performance of US markets, with investors fleeing the banking sector as credit-crunch worries resurfaced. Pharmaceutical stocks were largely down, with the exception of PARIS, were both drug stocks tracked outperformed the CAC 40's 2.6% drop, with bioMerieux advancing 2.5% and Sanofi-Aventis up 2.0% on the week. The latter gained 2.2% on October 31, after reporting better-than-expected third-quarter results and raising its full-year guidance (Marketletter November 5). On the ZURICH exchange, which fell 3.3%, Actelion failed to hold on to a 5.6% gain on October 31, on rumors of a takeover bid from either France's Sanofi-Aventis or Swiss drug major Roche, ending the week down 1.5%. Roche gained 1.9% on the speculation but it, too, closed lower, falling 2.0%.
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A Nasdaq-listed biopharmaceutical company developing small-molecule medicines for cardiovascular, metabolic and neurological diseases. Lexicon Pharmaceuticals focuses on therapies discovered through genetic and molecular research designed to address serious chronic conditions.
Stock Commentary - Europe - week to Nov 5, 2007
EUROPEAN: bourses were all down significantly in the reporting period to November 5, pushed lower by the poor performance of US markets, with investors fleeing the banking sector as credit-crunch worries resurfaced. Pharmaceutical stocks were largely down, with the exception of PARIS, were both drug stocks tracked outperformed the CAC 40's 2.6% drop, with bioMerieux advancing 2.5% and Sanofi-Aventis up 2.0% on the week. The latter gained 2.2% on October 31, after reporting better-than-expected third-quarter results and raising its full-year guidance (Marketletter November 5). On the ZURICH exchange, which fell 3.3%, Actelion failed to hold on to a 5.6% gain on October 31, on rumors of a takeover bid from either France's Sanofi-Aventis or Swiss drug major Roche, ending the week down 1.5%. Roche gained 1.9% on the speculation but it, too, closed lower, falling 2.0%.
This article is accessible to registered users, to continue reading please register for free. A free trial will give you access to exclusive features, interviews, round-ups and commentary from the sharpest minds in the pharmaceutical and biotechnology space for a week. If you are already a registered user please login. If your trial has come to an end, you can subscribe here.
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