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The punch-drunk Nasdaq carved another new low Monday, wiping out the promise of last week's brief rally. The tech-laden index fell 3.1% as volume receded from Friday's spike.
Cerus, which makes blood pathogen inactivation systems to improve the safetyof blood transfusions, dropped 5.13 to 39 on more than twice its 50-day average volume. The stock peaked near 82 on Dec. 29. It's fallen hard since as biotechs continue to sink. It's now 52% off its high.
Noven Pharmaceuticals plummeted 9.19 to 19.13. The maker of medicated patches for transdermal and transmucosal drug delivery traded 2.9 million shares vs. its average daily volume of 245,000. The fall came on word Noven will delay filing a new drug application with the Food and Drug Administration for its hormone replacement methylphenidate patch. The firm aims to market that patch to treat menopause symptoms. But Taro Pharmaceutical Industries shotup 4.13 to 47.94 on 2 1/2 times its typical volume, good for a new high. The maker of generic and proprietary drugs said Monday it gained FDA approval for its 200-milligram version of a drug to treat cardiac ventricular arrythmias.