Word: genentech
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Enzo Biochem, a little-known genetic-engineering firm, went public at $6.25 a share in June, and is now selling at $14.75 after a November stock split. Applicon, a manufacturer of computers and software for industrial design, opened at $22 in July, and has risen 78% to $39.25. Genentech, the San Francisco gene-splicing company, went on sale in mid-October at $35 a share and was immediately driven up to $89 on the first day. It has since dropped back to nearly $46. Wall Street meanwhile is anxiously awaiting the public offering of Apple Computer, the go-go maker...
...from its original price of $20. Oil and gas issues are also popular. Cheyenne Resources is up 738% since its February offering at $1 a share, and Saxon Oil has jumped to $35.75, an increase of 43%, just since Thanksgiving. Other winners are medical technology companies such as Genentech or Gamma Biologicals, which makes a serum for determining blood type. It closed last week at $15.12, up 163% from the offering price...
...manipulating genes to create new forms of life: tiny bacteria that might be able to clean up toxic chemical wastes or produce anticancer agents on a grand scale. The potential profits from this work are so enormous that many researchers have set up companies like the highly touted Genentech. Now the schools themselves are looking for test-tube gold. In what would be an unprecedented step, Harvard University is considering starting a genetic-engineering firm to cash in on its scientists' breakthroughs. President Derek Bok has called for faculty comment on the idea, and the final decision is expected...
...Genentech, like the other major genetic-engineering firms, faces serious problems in profiting from its research. Obtaining approval for new products from the Food and Drug Administration is expensive and timeconsuming. Notes Cetus President Peter Farley: "The lag time between discovery and marketing for a pharmaceutical product is five to 20 years." In addition, the four tiny DNA pioneers will be competing soon with such multinational giants as Du Pont, Upjohn and General Electric. Although the U.S. Supreme Court decreed this summer that new life forms could be patented, the U.S. Patent and Trademark Office has yet to rule...
...scientists are more circumspect. Says Walter Miller, a University of California researcher: "To buy stock in these companies right now would require an enormous leap of faith and an assumption about which company will be most successful." Nevertheless, investors are expected to rush to grab the first shares of Genentech...