The stock market, which traditionally has attempted...

The stock market, which traditionally has attempted to forecast the future, appears to believe the Gulf War has been won and that the economy soon will recover from the recession, according to Irving Katz, a San Diego-based industry analyst.

“The war premise appears accurate, but recessions are hard to predict, and the costs of the war, when added to the present huge deficit, must still be reckoned with,” Katz said.

But stock prices are another matter, and many San Diego stocks have joined the broader market in registering healthy gains, Katz said. “Biotech, medical and pharmaceutical-related stocks have seen particularly good gains during the past two weeks,” he said.

Molecular Biosystems gained $4 following the announcement that it was developing a new proprietary oral ultrasonic contrast agent to be used during abdominal scanning.

Another good gain was reported by Immune Response, up $1.875 to $7, which matched its 1990 public offering price.

Lidak Pharmaceuticals gained $2.50, MarrowTech gained $.8125, Biomagnetic Technologies and Synbiotics each gained $.75. Agouron Pharmaceuticals was up $.50 and Natural Alternatives gained $.4375.

Medical Imaging Centers of America gained $1.125 following a recommendation by a stock analyst.

The only San Diego stocks making new highs during the past two weeks were PS Group and Gensia Pharmaceuticals. Gensia recently announced a secondary stock offering.

On the down side, Price Co. dropped $3.75 to $41 after announcing the filing of $250 million in convertible debentures and, as some analysts forecast, a slowdown in the opening of new Price Clubs.

HomeFed Corp. was down $1.375 to $5.25 after announcing a large fourth-quarter loss and year loss, and an increase in loan loss reserves.