BioCentury
ARTICLE | Finance

Beware the ides of October

October 9, 2000 7:00 AM UTC

The biotech industry last week joined its high tech compatriots with earnings warnings - some from companies, and some from sellside analysts - and the prophesies knocked $4.3 billion off the valuation of three companies (see ("Earning One's Keep").

Leading the pack was a $3.2 billion (20 percent) valuation drop for MedImmune (MEDI), which fell $15.375 to $61.875. The stock tumbled $20.50 (27 percent) to $56.75 on 27.8 million shares on Monday after Banc of America analyst Eric Ende lowered his non-U.S. sales estimate for MEDI's Synagis palivizumab humanized monoclonal antibody against respiratory syncytial virus (RSV) to $47 million from $83 million in the 2000/2001 season, and to $87 million from $140 million in the 2001/2002 season (see B15). ...