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THE REAL MOST ACTIVE Sellers Take Upper Hand On The Nasdaq.(B)
Byline: CHRISTINA WISE
Nasdaq stocks closed the year with a loss Monday, with some of the heaviest selling coming during the session's final hour. The composite index finished down 1.9% for the day, bringing its loss for 2001 to 21.1%.
ImClone Systems endured some of the day's heaviest selling, tumbling 8.79 points, or nearly 16%, to 46.46. Volume swelled to more than six times its usual level. It's now deep beneath its 50- and 200-day moving averages.
Late last week, the U.S. Food and Drug Administration declined to approve the biotech firm's application for the colorectal cancer treatment Erbitux. Regulators asked for more information about ImClone's testing process and results.
Others on the southbound trail included fellow biotech firm InterMune, which finished down 1.24 at 49.26.
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