Selloff Continues Around The Globe Print E-mail
By Staff and Wire Reports   
Monday, 03 October 2011 14:08
FDA CalendarU.S. stocks followed European stocks lower on the first day of the new quarter. Stocks tumbled on Monday on investor concerns Greece would fail to avoid a default on its debt and the effect that may have on European lenders and the global economy.
Concerns that the U.S. economy is headed for another recession helped send the S&P 500 index, the basis for most mutual funds that invest in U.S. stocks, down 14 percent over the three months that ended in September. It was the worst quarterly performance for the stock market since the financial crisis of 2008.

In healthcare, MELA Sciences (NASDAQ:MELA) was one of today's best performing small-cap stocks as it traded up 7.0% to $4.74, but the move comes only afterr falling slightly during previous sessions. Last week, shares traded higher after the FDA issued an positive letter for its medical device which could help doctors more accurately diagnose melanoma. MELA Sciences Inc is a medical device company focused on the design and development of a non-invasive, point-of-care instrument to assist in the early diagnosis of melanoma. The Company’s product features a device that captures images of suspicious pigmented skin lesions and extracts data.

Emergent BioSolutions (NYSE: EBS), who trades at a higher market valuation ($624M) popped 13% on Monday after landing a contract with the U.S. government to supply it with 44.75 million doses of anthrax vaccine BioThrax.

Here are the rest of the sector's market movers:

Gainers (% price change) Last Trade Change Mkt Cap
Pharmaceutical Product PPDI 32.28 +6.62 (25.82%) 3.68B
Emergent BioSolutions Inc EBS 17.40 +1.97 (12.77%) 623.80M
The Medicines Company MDCO 16.42 +1.54 (10.35%) 886.88M
MELA Sciences, Inc. MELA 4.67 +0.24 (5.33%) 117.88M
Flamel Tech. S.A. (ADR) FLML 4.31 +0.14 (3.36%) 104.92M
Losers (% price change)
Gentiva Health Services GTIV 3.70 -1.82 (-32.97%) 113.25M
Sangamo Biosciences, Inc. SGMO 3.24 -1.11 (-25.47%) 170.09M
Insmed Incorporated INSMD 4.42 -0.66 (-12.97%) 109.79M
Achillion Pharmaceuticals ACHN 4.12 -0.60 (-12.71%) 287.24M
Metabolix, Inc. MBLX 3.89 -0.49 (-11.19%) 132.58M
Most Actives (dollar volume)
Pharmaceutical Product PPDI 32.28 +6.62 (25.82%) 3.68B
Pfizer Inc. PFE 17.53 -0.15 (-0.85%) 136.77B
Johnson & Johnson JNJ 62.50 -1.19 (-1.87%) 171.27B
Bristol Myers Squibb Co. BMY 31.60 +0.22 (0.70%) 53.90B
Merck & Co., Inc. MRK 31.91 -0.79 (-2.42%) 98.31B




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