Biotech Indices Mixed as AMEX Gains, Nasdaq Slips

The major biotech indices were mixed on Monday. The AMEX Biotechnology Index [^BTK] gained more than 3 points, ending trading at $761.54, while the Nasdaq Biotech Index [^NBI] slipped slightly to $806.75.

Vertex Pharmaceuticals (VRTX), a component of both indices, gained more than 13% on the day after the company announced that its fourth quarter preliminary revenue total of $100 million exceeded analyst expectations. While total revenue for the quarter was 10% lower than that of 2005, it still beat the consensus of $99.5 million. The company will release the final financials on February 7.

Seattle Genetics (SGEN) jumped almost 25% as the company announced it had entered into a licensing agreement with biotech giant Genentech (DNA), to develop and commercialize the monoclonal antibody SGN-40 for the treatment of multiple myeloma, chronic lymphocytic leukemia and non-Hodgkin's lymphoma.

BioCryst Pharmaceuticals (BCRX) lost more than 10% as the company announced it had appointed John Stonehouse to replace the company's former CEO Dr.Charles Bugg who retired.

BioVeris Corp. (BIOV) dropped 11% after the company announced it will initiate an audit of its licensing deal with Roche Diagnostics Corp. The move was motivated by a milestone payment of $2.8 million by Roche which BioVeris believes does not satisfy the terms of the deal.

VRTX vs. SGEN vs. BCRX vs. BIOV 1-yr chart