Stem cell stocks gained big time on Thursday as the new U.S. congress was set to take helm. The new Democratic agenda promises to ease restrictions on embryonic stem cell research funding imposed by the Bush administration.
While Bush is expected to veto the new legislation, critics believe there is enough push in the Senate to override the veto. It is expected that under a Democratic environment biotech stocks in general should perform well over the next few years, especially in controversial areas such as embryonic stem cell research.
Shares of Geron (NASDAQ:GERN), StemCells (NASDAQ:STEM), Aastrom Biosciences (ASTM), Thermogenesis (NASDAQ:KOOL), LifeCell (LIFC), Advanced Cell Technology (ACTC), ViaCell (VIAC), Cryo-Cell (OTCPK:CCEL), and Cord Blood America [CBAI.OB] all gained on the day.
Aastrom, StemCells, Cord Blood America and Advanced Cell Technology all gained by double digit percentage points.