NEW YORK: equities rebounded on September 30, rising 4.7% after the previous day's enormous slump on continuing uncertainties about a government bail-out for the financial sector. However, in the remainder of the reporting period to October 6, it was down-hill all the way, with the Dow Jones 4.0% lower overall, and dropping below the all-important 10,000 level for the first time since October 2004. Sentiment was not helped either by crude oil prices falling below $90 a barrel. News that the USA had fallen into recession was a further market depressant, with the drug sector joining the sell-off on October 2. Of the stocks tracked in the pharmaceutical and biotechnology sectors, 31 declined and just five saw a rise.
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A clinical-stage biotechnology company developing next-generation injectable and oral therapies for obesity and cardiometabolic disease, with a pipeline anchored in GLP-1-based combinations and small-molecule approaches.
Stock Commentary - New York week to Oct 6, 2008
NEW YORK: equities rebounded on September 30, rising 4.7% after the previous day's enormous slump on continuing uncertainties about a government bail-out for the financial sector. However, in the remainder of the reporting period to October 6, it was down-hill all the way, with the Dow Jones 4.0% lower overall, and dropping below the all-important 10,000 level for the first time since October 2004. Sentiment was not helped either by crude oil prices falling below $90 a barrel. News that the USA had fallen into recession was a further market depressant, with the drug sector joining the sell-off on October 2. Of the stocks tracked in the pharmaceutical and biotechnology sectors, 31 declined and just five saw a rise.
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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