We have tried to smooth out the non-news movers today to mainly focus on those moving on their own news rather than on news of peers.

Antigenics Inc. (NASDAQ: AGEN) is up today on an article out yesterday from Cleveland Live, although it was out yesterday morning so there could be additional chats out there.  Still, for a down-sector tape this one is solid with gains so far of 3.4% at $1.21 on over 3 million shares.  The 52-week range is $0.51 to $3.34 and the average volume is 1.2 million shares.

Array BioPharma, Inc. (NASDAQ: ARRY) is holding up very well after yesterday’s huge drug partnership gains. After a 33% gain yesterday, the stock is down “only” 4% at $3.86 on 1.8 million shares.

Genzyme Corporation (NASDAQ: GENZ) is up after earnings with $0.37 EPS on a 6% drop in revenues to $1.07 billion versus estimates of $0.33 EPS and $1.14 billion in revenues.  Perhaps more importantly, Genzyme sees a $175 million consent decree disgorgement for its Allston plant woes.  That sounds bad, but some have felt that the Allston plant fines, woes, and remedies might cost much more than that.  Shares are up 1.75% at $54.53 on about 5.3 million shares.

Gilead Sciences, Inc. (NASDAQ: GILD) is down sharply after its earnings were $0.99 EPS vs. $0.96 estimates and revenue rose 36% to $2.09 billion, but it lowered its 2010 sales outlook partly due to healthcare reform.  This has put a tilt on the whole sector today and probably kept a lid on some stocks which might have otherwise risen as this is the #2 biotech by market cap in America.  Shares are down a sharp 9.75% at $40.66 on over 57 million shares.  Gilead hit a new 52-week today now that its 52-week range is $39.90 to $50.00.

Human Genome Sciences, Inc. (NASDAQ: HGSI) is again probably feeling lucky.  Yesterday’s near-$2 drop could have been far worse after its Benlysta secondary endpoint was not met.  Today, shares are trading down only 0.4% at $29.48 and the $29.28 low today is handily above the low yesterday of $27.72.

NPS Pharmaceuticals, Inc. (NASDAQ: NPSP) is down marginally after it closed that securities offering $53.3 million, which does include the over-allotment options being exercised.  Shares are trading down 1.4% at $6.39 on 650,000 shares.

QLT Inc. (NASDAQ: QLTI) is up again for a day-two run after yesterday’s news that all three of the patients enrolled in a Phase 1 study experienced clinically relevant improvements in one or more visual function parameters in inherited progressive retinal degenerative disease.  This actually hit a new 52-week high today.  Shares are trading up 4.7% at $6.45 on over 225,000 shares.  Average volume is only 155,000 shares and the new 52-week range is $1.93 to $6.48.

Raptor Pharmaceuticals Corp. (NASDAQ: RPTP) is one which you might think is never talked about, but this stock was started in new analyst coverage with a ‘Buy’ rating at Ladenberg Thalmann.  Even after the gains, the market cap is a mere $37 million. This one is seeking cures and treatments for various brain disorders and neurodegenerative diseases, genetic disorders, and cancer with its own proprietary use of receptor-associated proteins and mesoderm development proteins.  Shares are up 17.7% at $1.66 on about 900,000 shares. This barely trades 50,000 on an average day and the 52-week trading range is $0.07 to $4.90.

StemCells, Inc. (NASDAQ: STEM) sounded like big news, although the stock reaction is not indicating that it is.  The company announced this morning that it plans to advance to a second clinical trial in Batten Disease with an increased emphasis on the measurement of clinical benefit rather than just a safety profile.  Shares are up almost 1% at $1.18 on 1.4 million shares.  The average volume is only 1.3 million shares and the 52-week range is $1.02 to $1.94.

Biotech HOLDRs (NYSE: BBH) appears to have tested its 200-day moving averages after Gilead reported, and Gilead makes up almost 28% of this ETF.  The Biotech HOLDRs is trading down 4.15% at $98.45.  The iShares Nasdaq Biotechnology (NASDAQ: IBB) ETF is down 2% at $90.35 on over 1.5 million shares, about 250% of normal volume.

PowerShares Dynamic Biotech & Genome (NYSE: PBE) is down today, but it continues to challenge the brain at a time when so many components in its holdings are not at highs. This hit a 52-week of $20.06 early this morning, but shares are now trading down about 1% at $19.83 on only about 26,000 shares.  This one keeps mysteriously hitting 52-week highs.

You can join our free daily email distribution list to hear more about dividend trends, analyst upgrades and downgrades, top day trader and active trader alerts, news on Buffett and other investment gurus, IPOs, secondary offerings, private equity, and more.

JON C. OGG

The company noted that the proceeds from the financing will be used primarily for funding key commercial and regulatory efforts.  That shall include the launch of Oncophage(R) (vitespen) in Russia, as well as possible filings in Europe and Canada.

This placement is on the heels of a gain of more than 20% yesterday on more than 15 million shares traded because of its Oncophage(R) being approved in Russia.  Shares yesterday closed at $3.03, so all in all it does not look like Antigenics had to give away the keys to the lab here to secure that money.  Their December 31, 2007 balance sheet showed only $16.679 million in cash and short term investments, while its short term liabilities were $8.38 million and total liabilities with long-term debt were more than $91.5 million.

Shares are indicated down 1.6% at $2.98 this morning and the 52-week trading range is $1.95 to $5.42.  Before the placement shares, Antigenics’ market cap is $171 million.

You can join our open email distribution list to hear about buybacks, special financings, secondary offerings, M&A, and more previews for other special situations.

Jon C. Ogg
April 9, 2008

Jon Ogg produces the Special Situation Investing Newsletter.  He can be reached at jonogg@247wallst.com and he does not own securities in the companies he covers.

Cell Genesys, Inc. (NASDAQ: CEGE). Shares continue to climb following report Friday citing that vaccine candidate GCAX showed immune response in prostate cancer patients. Shares are trading at $2.93 in mid-day trading. The 52 week range is $1.78 to $7.30.

IDM Pharma, Inc. (NASDAQ: IDMI). Downgraded by Rodman & Renshaw. Shares plummet over 18% to $2.57. The 52 week range is $0.57 to $10.75.

Imclone Pharmaceuticals (NASDAQ: IMCL). Halted testing for competitor Onyx Pharmaceuticals (NASDAQ: ONXX) in the lung cancer drug market and a 4.96% stake purchase by Steve Cohen’s hedge fund, SAC Capital, pushed Imclone up early Tuesday. Shares have returned down to $38.41 in mid-day trading. The 52 week range is $27.50 to $47.94

Neurobiological Technologies Inc. (NASDAQ: NTII) Received a $2.1 million quarterly royalty payment for sales of Memantine, a moderate-to-severe Alzheimer’s disease treatment, from Merz Pharmaceuticals GmbH. Shares have showed little reaction, trading at $2.67. The 52 week range is $2.06 to $19.53.

Oxigene Inc. (NASDAQ: OXGN) Secures $40 million committed equity financing facility. Shares are down over 3% and trading in at $2.05 with a 52 week range of $2.01 to $5.12.

Onyx Pharmaceuticals (NASDAQ: ONXX). Shares are down by $3.47 to $29.62, a 10% drop after being murdered yesterday due to a Phase III testing halt for its lung cancer drug Nexavar. Shares fell almost 25% yesterday. The 52 week range is $23.65 to $61.18.

Today, Pfizer (NYSE: PFE) announced offer to buy all issued and outstanding shares of Encysive Pharmaceuticals (NASDAQ: ENCY) for $2.35 per share, a transaction valued at $195 million in equity. Pfizer will acquire the rights to THELIN, a treatment for PAH currently in pre-Phase III clinical testing in the United States. Pfizer is up almost $0.10 to $22.45 in mid-day trading. The range is $21.56 to $27.73. Encysive is up 110% to $2.27. The 52 week range is $0.59 to $5.02.

Psivida Ltd.  (NASDAQ: PSDV)  Received first R&D payments from Pfizer of $500,000 in part of an over $160 million agreement. Shares are down over 2% at $0.78. The 52 week range is $0.39 to $2.99.

Sirtris Pharmaceuticals, Inc. (NASDAQ: SIRT). Co-founder to present first In-Vivo, pre-clinical data showing SIRT1 activation has the ability to suppress tumor formation in cancer of the intestine and colon. Shares are down trading at $11.59 with a 52 week range of $9.81 to $21.99.

Rachel Lopez
February 20, 2008

This data was presented at the American Urological Association and this may be the only such treatments approved for these patients.  This data may be new observations, but the cut off date was back in January of 2006.  Since the cut off date the survival rates have been better and the recurrence rates lower in Oncophage versus the observation arm.  Adverse events reported during the trial were generally mild and expected. The more frequently reported adverse events were mainly constitutional in nature or related to the actual injection.

This just goes to show that even if data from other companies was leaking out last week, investors will still follow and still chase certain untreated cancers for their speculative portfolios. AGEN shares are up more than 25% at $3.37 on three-times normal trading volume.

Jon C. Ogg
May 21, 2007

Jon Ogg can be reached at jonogg@247wallst.com; he does not own securities in the companies he covers.