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January 4, 2010

The Amex Biotech Index, the BTK, outpaced its peer, the Nasdaq Biotech Index, by 29% and was 22% above the SP500.   Most of this can be attributed to 3rd quarter performance when Human Genome Sciences (HGSI) released P3 data for their antibody drug for Lupus. HGSI gained 555% in 3Q09, and the impact on the 20 company BTK can be seen in the lower bar chart. *

*It should be noted that both major biotech indices hold HGSI, but BTK, due to its equal weighting of only 20 companies (each rebalanced to 5% quarterly), can see more impact from a single company. HGSI in the Nasdaq Biotech Index (NBI) was less than 1% of the NBI prior to the July press release. The NBI is currently comprised of 125 companies, and is market cap weighted, dwarfing the impact of single small company news.


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