We have outlined the relative news, price moves, historic data, and relative color where applicable on each.

AP Pharma Inc. (NASDAQ: APPA) is getting crushed today after the FDA complete response letter failed to back its anti-nausea chemotherapy drug.  This one had risen yesterday ahead of the decision.  Shares are down 47% at $1.09 on about 30-times volume of more than 15 million shares.  The 52-week range is $0.38 – $2.16 and the market cap is just under $43 million now.

Genzyme Corp. (NASDAQ: GENZ) may be news from the outside or it may just be technical trading oriented.  There has been an article on noted CEO pressure and then there is the chart.  At $59.31 with a 3.3% gain, this is a multi-month high and toward the top of the $47.09 t $63.47 range over the last 52-weeks.

Gentium S.p.A (NASDAQ:: GENT) is a mystery mover and the only thing thrown out there is ‘takeover’ from chat rooms, yet there is nothing credible to back that up.  Literally, that was all there is and we’d tell you that if you have to rely solely on chats then life is changing again.  Shares are up 45% at $2.37 on over 550,000 shares.  The 52-week range is $0.36 to $2.37.

Merck & Co. Inc. (NYSE: MRK) is under a little pressure, but only about 1% at $38.00.  The FDA has issued a warning that its Zocor and Vytorin at the highest dosages could pose a greater muscle risk.

OSI Pharmaceuticals Inc. (NASDAQ: OSIP) is out touting news to keep the heat on Astellas or other bidders to do better than the current $52.00 cash tender on the table.  It said its Roche partner on Tarceva has a favorable opinion from European drug regulators and expects a decision in 45 days for the drug.  Shares are up 0.6% at $59.06 today but put in an intra-day high of $59.50.

OXiGENE Inc. (NASDAQ: OXGN) is down 5% today and already seen triple its normal volume after the company has a ‘going concern’ opinion on its audited financial statements for 2009.  AT $1.14, its 52-week range is $0.62 to $2.78.

Somaxon Pharmaceuticals, Inc. (NASDAQ: SOMX) is trading up 1.3% at $9.33 and hit a new multi-year high of $10.60 earlier today.  This is as the traders are trying to maintain yesterday’s monster gains after its Silenor insomnia drug received an FDA backing.  This still only has a market cap of $221 million a the current price and we compared this to other big sleep-aid drugs in the battle against insomnia.

Theravance Inc. (NASDAQ: THRX) is now up 3% at $12.37 after the company sold 7.5 million shares at $11.50.  The stock was up at $12.50 earlier this week before the filing was made.  The lowest this stock hit today was $11.75, so frankly this looks like one of the better offerings out there from the therapeutics company.

On the mystery moves, or at least on moves with no real news on the tape… Celldex Therapeutics, Inc. (NASDAQ: CLDX) is up over 8% at $5.65 on 1.1 million shares versus a 52-week trading range of $4.16 to $14.19 and versus average volume of 360,000 shares.

JON C. OGG

We have provided color on the news, links if appropriate, and background data on price and volume trends.

AP Pharma Inc. (NASDAQ: APPA) is up 21.8% at $1.90 on over 4.6 million shares.  This is close to 10-time normal volume and the high of $2.05 today compares to a 52-week moving average of $0.38 to $2.16.  This is ahead of today’s pending FDA nod on its drug candidate APF530 for chemotherapy-induced nausea and vomiting.

Ariad Pharmaceuticals Inc. (NASDAQ: ARIA) was cut to Hold from Buy at Argus Research and shares are down almost 8% at $3.36 today.  The new market cap is now only $366 million.

Medivation, Inc. (NASDAQ: MDVN) is down again on concerns that Dimebon’s partnership is toast after its lack of efficacy in the fight against Alzheimer’s.  Pfizer Inc. (NYSE: PFE) has so far maintained that it is too early to call it dead.  Shares are down 4.6% at $12.06 in mid-afternoon trading.

OSI Pharmaceuticals Inc. (NASDAQ: OSIP) is believed to be getting a higher price than its $52 tender from Astellas.  We noted earlier this week that it seems unlikely that this one can remain independent.  Shares rose over 1% and hit a new 52-week high of $58.97 today.

Somaxon Pharmaceuticals, Inc. (NASDAQ: SOMX) is surging today after the FDA approved its application for Silenor as the first sleep aid for insomnia and sleep disorder without all the nasty sleep action disorders that are present in other sleep aid drugs.  Mid-afternoon trading has shares up almost 65% at $6.48 on over 22 million shares and almost 10-times normal trading volume.

Teva Pharmaceutical Industries Limited (NASDAQ: TEVA) is running up today after the news that it won the bid to acquire German generic drug maker Ratiopharm GmbH for close to $5 billion.  You have to love when the acquiring company rallies.  Shares are up 3.8% at $62.22 in mid-afternoon.

JON C. OGG

The full presentation can be seen at BioHealthInvestor.com.

JON C. OGG
May 27, 2009

Circuit City Stores (CC) The end is near. Hard to see how the retailer hangs on. Drops to $.72 from 52-week high of $9.65.

Reliant Energy (RRI) Cuts outlook and needs to raise capital. Down to $4.69 from 52-week high of $28.74.

Ap Pharma (APPA) Drug trial fails. Drops to $.63 from 52-week high of $2.35.

Douglas A. McIntyre