Last week J. Craig Venter, Celera’s president, said the company had sequenced all the DNA fragments that make up one person’s genetic map. Many called it an important scientific achievement, although it was compared to amassing the pieces of a jigsaw puzzle that still must be put together. Some scientists who work for the competing government project to map the human genome also noted that they developed much of the data Celera used to reach this milestone. Investors were enthralled, though, and bid up Celera’s stock 20 percent, or $23. A rising gene pool lifts all boats, so shares of many biotech companies jumped as well.
It was just the latest gyration for shares of Celera, which has helped turn the biotech industry into one of the hottest and most volatile sectors on Wall Street this year. Celera’s stock was trading in the single digits last year but roared to $276 in February. It then dropped to below $60 last week but soared on Venter’s announcement to a high of $150. “I feel dizzy,” said one investor in an Internet chat room. At this rate, they had better stock up on Dramamine.
