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Another Down Month for GWDN Index; Clinical Data Drops 24 Percent in June

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Only nine of the 34 stocks that comprise the GenomeWeb Daily News Index gained ground during another tough month for the stock market.

Three of the companies included in the Index — Clinical Data, Compugen, and Nanosphere — were hit hardest, with all of them falling more than 20 percent for June. Clinical Data had the largest decline, closing the month down 24 percent.

Two factors likely contributed to Clinical Data's down month. First, the firm posted flat year-over-year, fourth-quarter revenues. Second, it raised $32 million through the sale of around 2.2 million shares of common stock.

The stocks of only two firms in the GWDN Index, Accelr8 and Caliper Life Sciences, rose in the double digits for June.

Accelr8 gained 57 percent during the month. Its shares rose in the couple of days preceding the signing of a technology evaluation agreement with an unnamed global diagnostic company for the firm's BACcel system, as well as the day the announcement was made. Its shares have since pulled back from a high of $1.48 on June 17 — the day of that announcement — to finish June at $1.18.

Overall, the GWDN Index was down around 5 percent for June. In comparison, the Dow Jones Industrial Average fell nearly 4 percent, the Nasdaq declined almost 7 percent, and the Nasdaq Biotech Index was down nearly 5 percent.

It marked the second month in a row that the GWDN Index and the broader stock market fell sharply as concerns continue about the global economy and the economic recovery in the US.

Editor's note: GenMark Diagnostics, formerly called Osmetech, has been added to the GWDN Index.

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