Medical Study Gives Maryland Firm's Stock a Lift
The influence of medical journals on biotechnology stocks is being demonstrated again, this time by a 75 percent jump in the shares of Digene Corp. of Beltsville over the past 2 1/2 weeks.</br></br>In an study made public Monday, the Journal of the American Medical Association reported that a test developed by Digene can identify some women at high risk for cervical cancer, eliminating the need for repeated testing.</br></br>The JAMA article is the latest in a series of positive developments that has pushed Digene's stock from $6.87 1/2 a share on April 19 to $12.25 at the close of trading yesterday on the Nasdaq Stock Market.</br></br>For a time Tuesday, Digene's stock traded above $15 -- its highest level in more than a year. It has pulled back in the past couple of days, which often happens after a volatile technology stock suddenly spurts because of important developments.</br></br>Digene's chief operating officer, Charles M. Fleischman, said he believes the stock has run up because "people are starting to understand the full impact we can have as a growing business."