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Affymetrix, Nanosphere Lead the Way as Stocks Rebound in March

NEW YORK (GenomeWeb News) – Affymetrix and Nanosphere were the two greatest beneficiaries of a rebound in March for stocks in the GenomeWeb Daily News Index.

Shares of both firms gained just over 50 percent in March, as stocks across the board rebounded from a very poor February, in which the Index had dropped 6 percent and the Dow Jones Industrial Average had fallen 12 percent.

Affy's stock climbed almost 54 percent during March. During the month, the firm transferred ownership of its Clinical Laboratory Improvement Amendments-compliant lab to direct-to-customer genetic-testing firm Navigenics as part of a strategy to refocus on being a platform provider.

Meanwhile, Nanosphere's shares closed March up 52 percent. Early in the month, it had hit a 52-week low, but the stock regained traction and traded between $4 and $5.44 during the second half of the month.

Only eight of the 36 firms in the GWDN Index finished the month down from February's close. The biggest decline was for MDS, which dropped 28 percent during March. The firm announced during the month that its first-quarter revenues had fallen 13 percent.

Overall, the GWDN Index rose 10 percent in March. In comparison, the Dow Jones Industrial Average increased 8 percent, the Nasdaq rose 11 percent, and the Nasdaq Biotech Index gained 5 percent.

During the month, Nanogen was removed from the Index after its shares were moved to the Pink Sheets. It was replaced in the Index, which includes publicly traded genomics and proteomics tool vendors and molecular diagnostic firms, by Exact Sciences.

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