Optimism in US biotech wiped away by global fears catalysed by Dendreon implosion
This article was originally published in Scrip
US stocks took a nose dive 4 August, as investors dumped stocks amidst anxiety that global economic strains were worsening and policy makers have been failing to stabilise the situation. Biotech stocks posted particularly steep losses, dragging the NASDAQ Biotech Index down 13% between 1 August and 5 August. ISI Group analyst Joe Ruggieri called the 4 August slump the worst one-day loss since March 2000, ironically six days after Dendreon filed its initial public offering.