Celera’s Shares Fall as Rival Sounds Off

The volatile shares of PE Corp.’s Celera Genomics (ticker symbol: CRA) tumbled 23% on Monday as a scientist running a rival project to decode human DNA questioned Celera’s claim to a major step forward in the process.

The Norwalk, Conn., company’s stock, which had soared to $276 in late February, fell $30.38 to close at $100 on the NYSE. Other genome-research shares also tumbled, including Myriad Genetics (MYGN), down $12.50 to $55, and Millennium Pharmaceuticals (MLNM), down $23.75 to $149.50.

Dr. Francis Collins of the Human Genome Project, a decade-long effort of academic and government researchers, questioned Celera’s statement and the thoroughness of its work in remarks at a conference in Vancouver, the Associated Press reported. Collins’ own organization, the National Human Genome Research Institute, had no immediate comment on the AP report.

Scientific rivalries such as that between Collins and Celera founder Craig Venter are to be expected, analysts say. Some of Celera’s decline stems from investors taking profits after the shares soared 24% Thursday on its announcement about its progress.

Celera’s Venter has spurred the pace of genetic research, even rival scientists concede. Drug makers intend to use this information as a starting point in their hunt for new medicines. The more that is known about the role genes play in disease, the faster they may be able come up with new drugs.