ERNI Starting to Run

(click to enlarge image)

The Edward’s Real Nanotech Index (ERNI) is over 10% since its inception on 2/17/07 and almost half of that run came in the last week. By contrast, the NASDAQ composite is only up 2.5% over that period. Its beginning to look like the markets will indeed value nanotech stocks as a separate class. Of course, it may also merely reflect the fact that the stocks of these companies, which are mostly very small, are more volatile than the market at large. In which case, we would expect ERNI to sell off faster than the market in a downturn. No doubt we will eventually get the chance to see if that’s the case.

The only stocks that actually lost ground last week were Harris & Harris, off 60 cents to 13.51, and JMAR Technologies, off a penny. The big gainers in percentage terms were Raymor, up 31% cents to $1.35 per share and Arrowhead Research, up 16% to 6.46. I saw not specific news that would account for either increase.

American Pharmaceuticals Partners has undergone a name change as the result of its merger with American Bioscience. It is now called Abraxis BioScience and the ticker has been changed to ABBI. The name change is reflected in today’s chart but does not represent any rearrangement of the index, itself.