Posts for Ticker ‘BIIB’

Top 10 Pre-Market Analyst Upgrades & Downgrades (ALTR, AMZN, BCE, BIIB, LEAP, PDLI, CLUB, VAR, AUY)

Money_stack_pic_2It is still fairly thin in analyst upgrades and downgrades as this week marks the return of investment banking and research departments from what is nearly a two-week hiatus.  Here are the few stand-out calls we have seen early this morning with more than two hours to the open:

  • Altera (NASDAQ: ALTR) Raised to Outperform at Wachovia.
  • Amazon.com (NASDAQ: AMZN) Raised to Overweight at JPMorgan.
  • BCE (NYSE: BCE) Cut to Sector Perform at Scotia.
  • Biogen Idec (NASDAQ: BIIB) Cut to Neutral at JPMorgan.
  • Leap Wireless (NASDAQ: LEAP) Raised to Outperform at Wachovia.
  • PDL BioPharma (NASDAQ: PDLI) Raised to Neutral at JPMorgan
  • Town Sports International (NASDAQ: CLUB) Cut to Neutral at Piper Jaffray.
  • Varian Medical Systems (NYSE: VAR) Cut to Perform at Oppenheimer.
  • Yamana (NYSE: AUY) Cut to Buy at TD.

Jon C. Ogg
January 5, 2009

Posted on: January 5, 2009 – 7:36 am in Analyst Calls, , , , , , , , ,

Is Pfizer About To Be On Acquisition Path? (PFE, AMGN, WYE, GILD, BMY, LLY, SGP, CELG, GENZ, BIIB)

Money_stack_picThere may be some speculation that drug giant Pfizer Inc. (NYSE: PFE) is looking at expansion through acquisitions.  The FT reported that the world’s largest pharmaceutical company is willing to acquire a large rival drug company.  It even cites the CEO as saying the company real goal is to grow revenue, which is different than many other goals out there from other peers in the new market.  It also brings about the questions about who could be on the buyout target list.

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Posted on: January 5, 2009 – 7:15 am in Biotech, Drug companies, Mergers and Buy Outs, Rumors, , , , , , , , , ,

Day Trader Alert: Biogen Idec & Another PML Case (BIIB, ELN)

Tysabri_logoBiogen Idec Inc. (NASDAQ: BIIB) just came out with an SEC filing showing that on December 11, 2008, regulatory agencies were notified of a confirmed case of progressive multifocal leukoencephalopathy.  In other words, it found another PML case in a multiple sclerosis patient treated with TYSABRI. This is also affecting shares of its partner Elan Corp. plc (NYSE: ELN).

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Posted on: December 15, 2008 – 9:25 am in Biotech, Trading Alert, ,

Short Sellers, No Direction in Biotech (AMGN, BIIB, CELG, GENZ, GILD)

It seems that short sellers have no real direction in the major NASDAQ biotech stocks from mid-November to late-November.  Generally you see a pattern.  This month the only pattern seems to be one of no conviction either way.  Here are the short seller reports in the short interest:

Stock (Ticker)                         NOV. 28      NOV. 14      CHANGE
Amgen Inc. (AMGN)               23,033,081   24,169,278    -4.70%
Celgene Corporation (CELG)    8,298,820    8,040,642     +3.21%
Biogen Idec Inc. (BIIB)             8,027,848    7,938,637     +1.12%
Genzyme Corporation (GENZ)  6,569,181    6,797,501     -3.36%
Gilead Sciences (GILD)           29,055,791  30,213,915    -3.83%

Jon C. Ogg
December 10, 2008

Posted on: December 10, 2008 – 11:04 am in Biotech, Short Interest, , , , ,

Early Bird Analyst Upgrades (ACOR, BIIB, BKC, CHRT, OSG, SLB, TSO, WMT)

These are some of the top pre-market upgrades from analysts which we have seen in the early hours this Monday morning:

  • Acorda Therapeutics (ACOR) Raised to Outperform at Baird.
  • Biogen Idec (BIIB) Raised to Outperform at Baird and Raised to Buy at Deutsche Bank.
  • Burger King (BKC) Raised to Outperform at Wachovia.
  • Chartered Semiconductor (CHRT) Raised to Neutral from Sell at Goldman Sachs.
  • Overseas Shipholding (OSG) Raised to Outperform at Oppenheimer.
  • Schlumberger (SLB) Raised to Buy at Goldman Sachs.
  • Tesoro (TSO) Raised to Neutral at JPMorgan.
  • Wal-Mart Stores (WMT) Raised to Overweight at JPMorgan.

Jon C. Ogg
November 3, 2008

Posted on: November 3, 2008 – 7:38 am in Analyst Calls, , , , , , , ,

Biogen Finds More PML In The Woodpile (BIIB)

Biogen_logoBiogen Idec Inc. (NASDAQ: BIIB has notified regulatory agencies of a confirmed case of progressive multifocal leukoencephalopathy (PML) in a multiple sclerosis patient treated with TYSABRI .

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Posted on: October 29, 2008 – 3:57 pm in Biotech,

Top Analyst Upgrades & Downgrades (BIIB, COWN, MYL, PRX, SMBL, TEVA, CBY, CCL, DLB, JCP, JEF, PRSP)

Below are some of the top analyst calls we are seeing from Wall Street firms this Thursday morning:

  • Biogen Idec (BIIB) Raised to Buy at Lazard.
  • Cowen (COWN) Raised to Outperform at KBW.
  • Mylan Labs (MYL) Started as Strong Buy at Needham.
  • Par Pharmaceuticals (PRX) Started as Strong Buy at Needham.
  • Smart Balance (SMBL) Started as Buy at Lazrd.
  • Teva Pharma (TEVA) Started as Strong Buy at Needham.
  • Cadbury Schwepps (CBY) Cut to Sell at Citigroup.
  • Carnival (CCL) Cut to Sell at Deutsche Bank.
  • Dolby Labs (DLB) Cut to Hold at Deutsche Bank.
  • JCPenney (JCP) Cut to Underperform at Merrill Lynch.
  • Jefferies (JEF) Cut to Underperform at KBW.
  • Prosperity Bancshares (PRSP) Cut to Market Perform at KBW.

Jon C. Ogg
September 25, 2008

Posted on: September 25, 2008 – 6:49 am in Analyst Calls, , , , , , , , , , , ,

Early Bird Pre-Market Analyst Upgrades (ALB, AUXL, BIIB, CBEY, HAIN, HWD, LVS, SYMC, TEVA, TWTC, WBSN, WFMI)

These are some of the early bird analyst upgrades and positive calls we are seeing this Thursday morning with more than two hours to the open:

  • Auxilium Pharma (AUXL) Started as Outperform at Oppenheimer.
  • Biogen-Idec (BIIB) Started as Buy at Stanford Group.
  • CBeyond (CBEY) Started as Buy at SunTrust Robinson Humphrey.
  • Hain Celestial (HAIN) Started as Buy at Jefferies.
  • Harry Winston Diamond (HWD) Raised to Overweight at Thomas Weisel.
  • Las Vegas Sands (LVS) Raised to Hold at KeyBanc.
  • Symantec (SYMC) Started as Buy at B of A.
  • Teva Pharma (TEVA) Started as Outperform at Oppenheimer.
  • TW Telecom (TWTC) Started as Buy at SunTrust Robinson Humphrey.
  • Websense (WBSN) Started as Buy at B of A.
  • Whole Foods (WFMI) Started as Buy at Jefferies.

Jon C. Ogg
September 11, 2008

Posted on: September 11, 2008 – 6:23 am in Analyst Calls, , , , , , , , , , ,

Carl Icahn Weighed Down By Investments (IEP, BIIB, MOT, YHOO, FDML)

Icahn_logo_2Icahn Enterprises LP (NYSE: IEP) is perhaps known more for its billionaire owner/founder Carl Icahn more than it is for its staff, team efforts, and even the enterprise’s name.  Icahn’s investment vehicle posted a loss for Q2-2008 as investment losses mounted.  The company lost $98.8 million versus a profit of $64.2 million year over year from Q2-2007.

So far, Icahn’s investments in Biogen-Idec (NASDAQ: BIIB), Motorola (NYSE: MOT), and Yahoo! (NASDAQ: YHOO) are only partly offset by the recent gains (unrealized) in ImClone Systems (NASDAQ: IMCL).  Being an activist investor made Carl Icahn a billionaire. That hasn’t made him immune to making wrong investment activist target picks.

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Posted on: August 12, 2008 – 9:47 am in Activist Investor, , , , ,

Top Pre-Market Analyst Downgrades (BIIB, CBEY, EHTH, NT, OSK, PAET, RYAAY, SVNT)

These are some of the key analyst downgrades and negative analyst calls we have seen early this Monday morning with over 2 hours to open:

  • Biogen Idec (BIIB) Cut to Sell at Banc of America.
  • Cbeyond Communications (CBEY) Cut to Sell at Citigroup.
  • EHealth (EHTH) Cut to Market Perform at JMP Securities.
  • Nortel (NT) Cut to Hold at Jefferies.
  • Oshkosh (OSK) Cut to Neutral at Credit Suisse.
  • PAETEC (PAET) Cut to Market Perform at Wachovia; Cut to Sell at Citigroup..
  • Ryanair (RYAAY) Cut to Underperform at Credit Suisse.
  • Savient Pharma (SVNT) Cut to Hold at Jefferies.

Jon C. Ogg
August 4, 2008

Posted on: August 4, 2008 – 6:28 am in Analyst Calls, , , , , , , ,

Carl Icahn: Lost In A World He Predicted (MOT)(YHOO)(BIIB)(BBI)

IcahnCarl Icahn has evolved over the years, first rising to fame a "corporate raider", followed by an ill-fated journey into actual management at the helm of TWA and, most recently, as a kinder, gentler version of his old self: Icahn the "shareholder activist."

A piece in The Wall Street Journal looks at Icahn’s "week of mixed results." If Bristol-Myers Squibb’s offer to acquire ImClone succeeds, Icahn will earn an 80% return on his original investment in the company. He’ll walk away with a pretax profit of more than $300 million, but that will be more than offset by the beating he took last week on Biogen (BIIB) and the continued decline of WCI Communities.

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Posted on: August 4, 2008 – 4:24 am in Mergers and Buy Outs, , , ,

The 52-Week Low Club (ELN)(GHS)(GFI)(CBS)(TOMO)(BIIB)

Sad_clownElan Corporation (ELN) Problems with one of the company’s major drugs. Falls to $9.55 from 52-week high of $37.45.

Gatehouse (GHS) More poor newspaper earnings raise issue of whether company is viable. Falls to $.48 from 52-week high of $17.43.

Gold Fields (GFI) Tough earnings and COO out. Off to $9.98 from 52-week high of $19.92

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Posted on: August 1, 2008 – 2:43 pm in HI/LOW, , , , , ,

Why Biogen & Elan TYSABRI News Should Have Been Expected (BIIB, ELN)

Tysabri_logoThis morning’s share price reaction seen in Biogen-Idec Inc. (NASDAQ: BIIB) and Elan Corp. plc (NYSE: ELN) is severe.  We do not want to try to sound as though this TYSABRI news is something that isn’t of consequence and don’t want to make it sound like it is a non-event.  Last night after the close the companies released the bad news that two more PML cases had been discovered in TYSABRI patients using the drug for the treatment of Multiple Sclerosis.

Read More »

Posted on: August 1, 2008 – 9:24 am in Biotech, Drug companies, , ,

Genentech Ready to Lead Biotech Earnings Bias (DNA, BIIB)

Genentech Inc. (NYSE: DNA) is set to report earnings after the close of trading today.  The largest biotech in the U.S. is expected to post $0.86 EPS on $3.23 Billion in revenues according to First Call.  For next quarter estimates are $0.87 EPS on $3.32 Billion in revenues.  For fiscal 2008, estimates are $3.43 EPS on $13.03 Billion in revenues.

So how does this rank in biotechs and drug companies?  Genentech, based on a $76.13 (after a 2% drop today) has a forward P/E ratio for 2008 of 22.2.  With a $79.9 Billion market cap, it trades at about 6.15 times revenues.  With 2009 estimates at $3.90 EPS and $14.2 Billion in revenues, Genentech trades with forward multiples for 2009 of 19.5-times earnings and about 5.6-times revenues.

Just last week, Jim Cramer named Genentech as a safe spot to hide out in during a bear market or during a tough economy.  The only problem is that we’ve heard him say that before and seen it tank thereafter.  In fact, this stock seems to have a high-$60’s to low-$80’s trading range that has been in place over the last year and it has technically qualified as a "dead money stock" since the end of 2005.

Analysts have an average price target north of $86.00 and its 52-week trading range is $65.35 to $82.20.  If you look at today’s options prices, it appears as though options traders are only expecting a move of about $2.00 in either direction after the earnings.

The issue that has been around Genentech for some time is that Wall Street analysts have either been making too bold of predictions and estimates for the company’s cancer drugs.  Of course you could also set that to be interpreted as the company not  being able to deliver.  The focus on all of its major drugs rather than a big picture of the company’s growth has won every single quarter of late. 

As a reminder, Roche owns the majority stake of Genentech so its $79.9 Billion market cap is quite misleading when you consider the real float of the stock. It also has a key drug partnership with Biogen-Idec (NASDAQ: BIIB) for its Rituxan.

Jon C. Ogg
July 14, 2008

Posted on: July 14, 2008 – 12:37 pm in Biotech, Earnings, ,

Minority Holder Want Carl Icahn Fired (XOHO, BIIB, YHOO, MOT)

There was interesting event in a 13D filing today right after the close, and that will be worth some news and gossip alike.  An investment firm called Amalgamated Gadget LP, which is roughly a 6.6% shareholder of XO Holdings Inc. (NASDAQ: XOHO), has sent a letter to billionaire activist investor Carl Icahn.  The group has said that Carl Icahn is in clear violation of his fiduciary duties to minority shareholders and further is calling for Icahn’s resignation from the board of directors.

Amalgamated also said Icahn and his affiliates act to give their XO debt and holdings an advantage and preference at the detriment of XO Holdings’ minority shareholders.  Further, Amalgamated wants Carl Icahn and his affiliates to place their common holdings of XO Holdings into a blind voting trust and to refrain from exercising any managerial control of the company.

On a fully diluted basis, Carl Icahn and affiliates own or control close to 60% of XO Holdings. 

We have frequently wondered how Carl Icahn is managing all of these efforts ourselves, despite the fact that his career has been a huge success.  His activist activities in biotech stocks seems more than odd, particularly in Biogen Idec (NASDAQ: BIIB).  His Motorola (NYSE: MOT) efforts have been a dud and his Yahoo! (NASDAQ: YHOO) play is looking like a total bust now.  Despite Jim Cramer recently endorsing those names based upon Icahn the issue of a huge loss being a huge loss speaks for itself.

Jon C. Ogg
June 12, 2008

Posted on: June 12, 2008 – 3:41 pm in Activist Investor, Management Change, , , ,

Can Carl Icahn Fix Broken Biotechs? (ANX, BIIB, ENZN, IMCL, TELK, FOLD, AMLN, REGN)

Carl Icahn is a billionaire financier, activist, and investor.  Most think of Icahn as an activist investor that wants to get inside and drive value without having to acquire the whole company to resell it later.  This strategy works and works well, so long as the right strategies and efforts are applied properly to each stock.  The underlying sector a company is in is critical too, and for some reason Carl Icahn has been trying to do this in biotech stocks.  We took the biotech filings from both Mr. Icahn’s own holdings and from Icahn Capital LP to see what Mr. Icahn thinks he has up his sleeves.

CARL ICAHN direct holdings, via several investment vehicles:

Adventrx Pharmaceuticals Inc. (AMEX: ANX) down 80% from highs

  • $467,000.00 for 864,865 shares

Biogen-Idec (NASDAQ: BIIB) down about 25% from highs 

  • $153.4M for 2,487,181 shares

Enzon Pharmaceuticals (NASDAQ: ENZN) down only 16% from highs

  • $5.6M for 614,420 shares

ImClone Systems (NASDAQ: IMCL) down 18% from highs

  • $494.9M for 11,669,544 shares

Telik Inc. (NASDAQ: TELK) down over 50% from highs

  • $2.536M for 1,039,165 shares

ICAHN CAPITAL LP direct holdings:

Adventrx Pharmaceuticals Inc. (AMEX: ANX) down 80% from highs

  • $1.8M for 3,459,459 shares

Amicus Therapeutics, Inc. (NASDAQ: FOLD) down 45% from highs

  • $2.16M for 201,940 shares

Amylin Pharmaceuticals Inc. (AMLN) down 40% from highs

  • $185.1M for 6,339,653 shares

APPLERA (NYSE: ABI) down 10% from highs

  • $21.3M for 649,026 shares

Biogen-Idec (NASDAQ: BIIB) down about 25% from highs 

  • $613.7M for 9,948,723 shares

Enzon Pharmaceuticals (NASDAQ: ENZN) down only 16% from highs

  • $22.6M for 2,457,683 shares

Regenron Pharmaceuticals (NASDAQ: REGN) down about 28% from highs

  • $48.1M for 2,508,001 shares

Telik Inc. (NASDAQ: TELK) down over 50% from highs

  • $10.1M for 4,156,663 shares

*** percentage down from highs means the 52-week highs, so many are off much more than all-time or historical highs.

It may not be fair to refer to all of these as broken, because many aren’t.  What is interesting here is that if you follow biotech stocks and if you know these companies, most of these have fallen from their former glory.

Here is the problem with biotech stocks: They almost HAVE to be public to live up to expectations, so they very rarely go private because of the need for capital.  The mere nature of putting molecules and modified products into your body has risks, and many companies cannot control what happens or how people their meds after a while.  Biotech companies cannot control the FDA and they cannot control independent verification or investigative studies.  No company can control whether or not a competitor comes out with a greater product.  Biotechs are different in that investors would rather see a biotech spend cash to acquire another biotech rather than engage in a share buyback or pay out a dividend.  When was the last time you heard a broker or an investor discuss the high dividend check they expect from their biotech?  Me neither…

Mr. Icahn has a great track record of influencing companies.  He made a fortune off the move in Time Warner.  Motorola has so far been a flop and Yahoo! is just getting started.  But he didn’t become a billionaire by throwing darts nor by investing in mutual funds. 

But there is a real discourse here from biotechs to other sectors, and it would just seem much easier for Mr. Icahn to get better returns elsewhere.  It might be easier backing high-risk and high-reward biotech ventures from scratch instead of trying to fix existing biotechs with problems.

You can join our open email distribution list to hear about activist investing, special financings, M&A, IPO’s, secondary offerings, and other special situations.

Jon C. Ogg
May 16, 2008

Posted on: May 16, 2008 – 10:43 am in Biotech, , , , , , , ,

Genentech & Biogen-Idec Tank Rituxan Hopes on Lupus Treatment (DNA, BIIB)

Genentech, Inc. (NYSE:DNA) and Biogen Idec, Inc. (Nasdaq:BIIB) came out this morning with some disappointing news. 

The biotech giants have announced that a Phase II/III study of Rituxan for lupus has failed to meet its primary endpoint defined as the proportion of Rituxan treated patients who achieved a major clinical response or partial clinical response.

Unfortunately, this study results also failed to meet any of the six secondary endpoints.  Genentech and Biogen Idec said they will continue to analyze the study results and will submit the data for presentation at an upcoming medical meeting.

Based on the reaction, they can analyze all they want and it doesn’t look like it will matter.  Right before the open, Genentech shares are down almost 5% to $69.70 and Biogen-Idec shares are down almost 5% at $61.50.

Jon C. Ogg
April 29, 2008

Posted on: April 29, 2008 – 8:29 am in Biotech, ,

Biotech Business Daily (BIIB, GSK, ILMN, IVGN, LJPC, SIRT, STEM)

Biogen Idec (NASDAQ: BIIB) is sliding marginally despite reported earnings today that showed a 23% increase in earnings riding on sales growth on Avonex and Rituxan. The earnings beat estimates and the company raised its outlook. Shares are down $1.06 to $63.56 on a 52-week range of $45.77 to $84.75.

GlaxoSmithKline (NYSE: GSK) is up a marginal 1.5% to $44.42 on a 52-week range of $40.51 to $59.15. Today, the company showed a 13% decline in profit due to increased generic purchases that cut into sales on anti-depressants and heart medications. Yesterday, the company offered to purchase Sirtris Pharmaceuticals for $720 million.

Illumina Inc. (NASDAQ: ILMN) shares are up $8.12, 11%, after solid first quarter earnings that beat estimates and a strong positive outlook. The company posted earnings of $13.4 million after showing a loss of $298 the same quarter last year. Shares are trading at $80.59 and the 52-week range is $31.66 to $79.90.

Invitrogen Corp. (NASDAQ: IVGN) is up 7% after first quarter earnings showed doubled profit on sales increases, beating estimates. The company posted earnings of $58.7 million and $1.19 EPS. Shares are trading at $93.73 on a 52-week range of $65.00 to $99.15.

La Jolla Pharmaceutical Co. (NASDAQ: LJPC) reported positive results on interim antibody data on Riquent for treatment of lupus. Lupus is a condition in which antibodies attack tissues. The results showed that higher dosages of the treatment reduced levels of antibodies more effectively. The late stage trial is expected to close in the second half of 2009. Shares are up 18% to $2.15 on a 52-week range of $1.45 to $7.10.

Sirtris Pharmaceuticals, Inc. (NASDAQ: SIRT) is seeing shares up a whopping 82% after GlaxoSmithKline (NYSE: GSK) offered to buy the company yesterday for $22.50 per share, an 84% premium to Tuesday’s close, for a total value of $720 million. Sirtris focuses on enzymes that affect the aging process and is developing a type-II diabetes treatment. Sirtris shares are up $10.07 to $22.30. The 52-week range is $9.50 to $21.99.

StemCells (NASDAQ: STEM) received a patent for neural stem cells from all tissue sources. This patent will require all other third parties seeking to commercialize neural stems cells to obtain a license from StemCells.  Shares are up $0.18 to $1.55, a 13% jump. The 52-week range is $1.00 to $2.83.

Rachel Lopez
April 23, 2008

Posted on: April 23, 2008 – 11:55 am in Biotech, , , , , , ,

Genentech to Set Biotech Tone For Earnings Season (DNA, OSIP, SGEN, ABT, BIIB)

Thursday after the close, we’ll get to see earnings out of Genentech (NASDAQ: DNA). The estimates from First Call are $0.82 EPS on $3.11 billion in revenues.  Next quarter estimates are $0.86 EPS on $3.24 billion in revenues. Estimates for fiscal Dec-2008 are $3.43 EPS on $13.06 billion in revenues.

Genentech is tied to many other drug and biotech companies because of partnerships, so as the number one biotech stock it has implications in many companies based upon the breakdown of its trends and its individual drug comments.  Below are some of its partners:

  • OSI Pharmaceuticals (NASDAQ: OSIP) for Tarceva,
  • Seattle Genetics (NASDAQ: SGEN),
  • Abbott Laboratories (NYSE: ABT),
  • Roche for Avastin 9and ownership),
  • and Biogen-Idec (NASDAQ: BIIB) for Rituxan.

Analysts have an average price target north of $85.00.  Shares were down almost 1% at $79.00 late today before the market closed.  That price target used to be significantly higher before this on peaked out around $90.00 and fell to under $70.00 in Dec-2007 and Jan-2008.  Genentech’s 52-week trading range is $65.35 to $83.41.

Genentech’s annual meeting of stockholders will also be held on April 15, 2008, so there is another round of much of the same presentation data to see next week.  While the woes of one biotech may be mothers milk for another biotech company, Genentech can create at least somewhat of bias for traders going into an earnings season.  As traders are constantly looking for stocks and sectors with less and less economic sensitivity, that may be more true than in many years and quarters of the past.

Jon C. Ogg
April 7, 2008   

Posted on: April 7, 2008 – 3:45 pm in Biotech, Drug companies, Earnings, , , , ,

Biotech Busine$$ Daily (AMLN, BIIB, CEPH, CYTK, ONXX, REGN, THRX, CBM)

Many biotech stocks are enjoying large gains Monday, although some are on no real breaking news. Here is a look at some notable gainers:

  • Amylin Pharmaceuticals Inc. (NASDAQ: AMLN) up $1.39 to $28.97, a 5% increase. The 52-week range is $23.75 to $53.25.
  • Biogen Idec Inc. (NASDAQ: BIIB) up nearly $3.00, a 5% increase to $61.94. Carl Icahn on CNBC said today he is going to stay after the company.  The 52-week range is $43.43 to $84.75.
  • Cephalon Inc.  (NASDAQ: CEPH) up a modest 1% to $65.35. Last Thursday, they received FDA approval for Treanda, a treatment for chronic lymphocytic leukemia. The 52-week high is $84.83.
  • Cytokinetics, Incorporated (NASDAQ: CYTK) up over 2% to $3.49. Today the company announced positive results from Phase IIa trials of cardiac myosin activator drug CK-1827452 for patients with stable heart failure.
  • Onyx Pharmaceuticals (NASDAQ: ONXX) up $1.94 to $29.36, over 7% up. The 52-week range is $23.73 to $61.18
  • Regeneron Pharmaceuticals (NASDAQ: REGN) up $2.21 to $19.86, a 12% increase on the day. The 52-week range is $13.55 to $28.74
  • Theravance Inc. (NASDAQ: THRX) up $1.13 to $10.53, a 12% jump. The 52-week range is $9.37 to $36.98.

One biotech stock that isn’t enjoying the upswing is Cambrex Corp. (NYSE: CBM). The company hit a new low, down over 13% to $6.95 on news that UCB Groups Parkinson’s treatment, Neupro, is being recalled. Neupro uses their ingredient and the recall should impact earnings. First Analyis Sec downgraded the stock today.

Rachel Lopez
March 24, 2008

Posted on: March 24, 2008 – 2:00 pm in Biotech, , , , , , , ,