After initially being clobbered, the biotech index rallied by the end of the day. Unfortunately, lightning has struck biotech leader IMNX. Their study of Enbrel for chronic heart failure has flopped, and they are absolutely taning in the after hours. As I type, IMNX is already back in the single digits. Now AMGN, IDPH, MLNM, HGSI, ABGX, BGEN and AFFX have all had their ask price lowered big-time in the after-hours too. Aaaaaaarrrrrgh!!! What a tough market.
Looks like the biotech index is going to take a royal ass-kicking tomorrow again. I have no idea what that means for ILXO, but if you are holding any big cap biotechs, you are probably about to get poorer first thing tomorrow morning.
As an added bonus, according to Briefing-dot-com: "Japanese business publication Nihon Keizai Shimbun is reporting in its morning edition that Tokyo Mutual is close to insolvency." If a big Japanese bank goes belly-up, that will really add to everyones's pain quotient.
Put on your hard-hats boys and girls, the ugliness is about to get uglier.