Posts for Ticker ‘CEGE’

Biotech & BioHealth Business Daily (PFE, MRK, BAX, BDSI, SPPI, GNBT, AVII, CEGE, BBH, GILD, LLY, SNY, BMY, OSIP)

Here are some of today’s top stories affecting key drug and biotech stocks, accompanied with links through to more detailed information and analysis at BioHealthInvestor.com:

New short-interest data suggest traders are now increasing their directional bets against biotech stocks. Pfizer Inc. (NYSE: PFE) and Merck & Co. (NYSE: MRK) are in the top 10 of all large-cap stocks with the greatest increase in the number of shares shorted.

Eli Lilly has the FDA’s OK to market its Effient blood thinner, but the black-box warning on its label is so strong that it’s hard to believe it can dent the market share of the Sanofi Aventis (NYSE: SNY)/ Bristol Myers Inc. (NYSE: BMY) drug Plavix.

OSI Pharmaceuticals Inc. (Nasdaq: OSIP) announced new data from its Phase III Saturn study of Tarceva, and it’s likely an incremental positive for the cancer drug over rival Eli Lilly & Co.’s (NYSE: LLY) drug Altima.

-The 24/7 Wall St. Team

Posted on: July 13, 2009 – 10:25 am in Biotech, Drug companies, Medical, , , , , , , , , , , , , ,

Many Biotechs Barely On Life Support (BPAX, CEGE, EPIX, IDMI, LJPC, NRGN, NFLD, TPTX)

Burning Money PicWe have run a watch list of companies under their own strategic review, and the number of biotech (or grouped with biotech) stocks under this description is just staggering.   We published a full review of this over at BioHealthInvestor.com.  The list includes Biosante Pharmaceuticals, Inc. (NASDAQ: BPAX), Cell Genesys, Inc. (NASDAQ: CEGE), EPIX Pharmaceuticals, Inc. (NASDAQ: EPIX), IDM Pharma, Inc. (NASDAQ: IDMI), La Jolla Pharmaceutical Co. (NASDAQ: LJPC), Neurogen Corporation (NASDAQ: NRGN), Northfield Laboratories Inc. (NASDAQ: NFLD) and TorreyPines Therapeutics, Inc. (NASDAQ: TPTX) are all under strategic reviews and their futures are probably questionable at best.

You can read that full report here at the BioHealthInvestor.com website.

Jon C. Ogg
May 13, 2009

Posted on: May 13, 2009 – 11:31 am in Accounting, Biotech, Drug companies, FDA, Medical, Mergers and Buy Outs, Pharmaceuticals, Trading Alert, , , , , , , ,

Best Performing Sectors This Week: Cancer Stocks, Home Furnishing, Aircraft Leasing

Read More »

Posted on: April 16, 2009 – 12:07 pm in Business Services, Exchange, Industry, , , , , , , ,

The 52-Week Low Club 9/8/2008 (FRE)(FNM)(BIOD)(AUTH)(CEGE)

Sad_clownFreddie Mac (FRE) is one sale at $.65. A day-trader’s dream, down from a 52-week high of $65.88.

Fannie Mae (FNM) Almost a better deal. Sells off to $.65 from 52-week high of $68.60.

Biodel (BIOD) Concerns over drug trial. Drops to $4.34 from $25.69.

Authentec (AUTH) Revises guidance. Plunges to $2.40 from 52-week high of $19.81.

Cell Genesys (CEGE) Still hurting a week after drug trial news. Slips to $.67 from 52-week high of $4.67.

Douglas A. McIntyre

Posted on: September 8, 2008 – 2:55 pm in HI/LOW, , , , ,

The 52-Week Low Club 8/27/2008 (F)(NEXM)(CEGE)(AMLN)

Sad_clownFord (F) Oil moves up. Drops to $4.25 from a 52-week high of $9.24.

Nexmed (NEXM) Drug trial problems. Falls to $.23 from a 52-week high of $.1.87.

Cell Genesys (CEGE) Drug trial problems. Plunges to $.69 from 52-week high of $4.67.

Amylin (AMLN) Deaths due to one of the company’s drugs. Dips to $19.92 from 52-week high of $51.10.

Douglas A. McIntyre

Posted on: August 27, 2008 – 2:54 pm in HI/LOW, , , ,

24/7 Wall St. Most Overpaid CEO Of The Day: Cell Genesys (CEGE) CEO Stephen A. Sherwin, M.D

95129cCell Genesys CEO Stephen A. Sherwin, M.D made $1.3 million last year, with $577,500 coming from base salary. He did so well, in the eyes of the board, that his base was raised to $602,500. Who knows how well he will do with bonuses and perks.

CEGE blew up today. The company ended a clinical trial of its prostate cancer vaccine GVAX because patients who were treated with the vaccine were dying more frequently than those only given a standard treatment.

Read More »

Posted on: August 27, 2008 – 8:41 am in Management Change,

Biotech Business Daily (AMAG, CEGE, IMCL, XOMA, TRCA)

AMAG Pharmaceuticals (NASDAQ: AMAG) has been added to the Nasdaq Biotechnology Index (NASDAQ: NBI) beginning May 19, 2008. AMAG shares up $1.26 at $39.85. The 52-week range is $38.16 to $72.95.

Cell Genesys (NASDAQ: CEGE) offered 7.1 shares for $30 million in gross proceeds to a single institutional investor at $4.22 per share to finance product development and general corporate purposes. Shares are down 6% to $42.12. The 52-week is $30.34 to $49.18.

Imclone Systems Inc. (NASDAQ: IMCL) is down almost 5% after a downgrade by Morgan Stanley, citing belief that Erbitux will fail to reach expectations. Shares are trading at $42.31 in mid-day trading. The 52-week range is $30.34 to $49.18.

XOMA Ltd. (NASDAQ: XOMA) down over 8% after reporting larger than expected first quarter losses. They showed a loss of $14.2 million and revenues of $12.1 million, failing to hit estimates by Thomson of $16.4 million. Shares trading at $2.12. The 52-week range is $1.96 to $4.39.

Tercica Inc. (NASDAQ: TRCA) up almost 7% today in anticipation of positive first quarter earnings to be announced after market close. Shares trading at $4.77on a 52-week range of $4.30 to $8.11.

Rachel Lopez
May 12, 2008

Posted on: May 12, 2008 – 1:21 pm in Biotech, , , , ,

Cell Genesys Scores $30 Million Premium Financing (CEGE)

Cell Genesys, Inc. (NASDAQ: CEGE) plans to offer 7.1 million shares of common stock and warrants at an equivalent of $4.22 per share with a single institutional investor, for an equity offering valued at approximately $30 million.

The warrants will have a strike price of $10.00 and can purchase 8.5 million shares. The proceeds from the offering will be used to finance developmental products such as its GVAX treatment for prostate cancer, as well as for general corporate purposes.

The offering is expected to close Wednesday. Credit Suisse Securities LLC is the lead placement agent for the offering.

The cancer focused biotech company is trading down over 3% in early morning trading at $3.77. The market cap sits at approximately $300 million and the 52-week range spans $1.78 to $4.71.

You can also sign up to our open email distribution list to see about other secondary offerings, IPO’s, break-ups, spin-offs, and more.

Rachel Lopez
May 12, 2008

Posted on: May 12, 2008 – 9:43 am in Biotech, Secondary Offering,

Cell Genesys Scores Takeda Deal (CEGE)

Cell Genesys, Inc. (NASDAQ: CEGE) has announced a global alliance with Takeda Pharmaceutical Company Limited in Japan.  The companies will develop and commercialize Cell Genesys’ GVAX immunotherapy for prostate cancer, which is the company’s lead product candidate.  It is also currently in Phase 3 clinical development studies.

For exclusive worldwide commercial rights to for prostate cancer, Takeda is paying Cell Genesys $50 million upfront with additional milestone payments totaling up to $270 million.  The additional payments relate to regulatory approval and commercialization for prostate cancer in the U.s., E.U., and in Japan.

Takeda will pay tiered double-digit royalties based on net sales in the United States and it will pay flat double-digit royalties based on net sales in all other regions.  Takeda will also pay from here on out for all external development costs associated with the ongoing Phase 3 studies of GVAX immunotherapy for prostate cancer.  Takeda will also pay for all additional development costs and all of the commercialization costs.  Cell Genesys will maintain manufacturing and supplies of the product and will retain rights to co-promote GVAX immunotherapy for prostate cancer in the United States.

GVAX immunotherapy for prostate cancer is currently in two Phase 3 clinical trials, VITAL-1 and VITAL-2, in advanced prostate cancer patients. It is also under FDA FAST TRACK designation and both trials have completed Special Protocol Assessment agreements.

The company currently estimates that there will be sufficient events to trigger the final analysis for VITAL-1 in the second half of 2009. Patients are continuing to enroll in the VITAL-2 trial at nearly 100 clinical sites in North America and Europe. Cell Genesys has targeted the completion of enrollment for VITAL-2 with approximately 600 patients in the first half of 2009.  It then expects there will be sufficient events to trigger the pre-planned interim analysis in the same time frame.

The options may say it all.  The JANUARY-2010 $2.50 CALLS last traded at $1.30, which is greater than a 50% premium for a slightly out of the money call.  In fact, buying a JANUARY-2010 $2.50 straddle would cost more than owning the stock.  No wonder the open interest isn’t all that high.

Some may argue that this undermines the value of the prostate cancertreatment’s value on a fully-rolled-out basis if it reaches fullapproval and is a success because this has blockbuster potential.  Others will argue that this gets itsliquidity back in line with its long-term debt.  Shares of Cell Genesys closed down under 1% at $2.35 today, and the 52-week trading range is $1.78 to $7.30.  Its market cap is a mere $185 million. 

Jon C. Ogg
March 31, 2008

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

Posted on: March 31, 2008 – 3:39 pm in Biotech,

Major Biotech Movers (AGEN, CEGE, ENCY, IDMI, IMCL, ONXX, PFE, NTII, OXGN, PSDV, SIRT)

Antigenics Inc.  (NASDAQ: AGEN) A study for Cancer vaccine, Oncophage, for the treatment of metastatic melanoma showed mixed results this morning. Shares are down almost 7% to $2.17. The 52 week range is $1.54 to $5.42.

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

Posted on: February 20, 2008 – 1:13 pm in Biotech, , , , , , , , , , ,

The Day In Biotech Stocks (January 15, 2008) (DNA, DNDN, GENZ, TTHI, LCBM, CEGE, GPCB, CGEN)

Today was a brutal day for risk stocks, and biotechs are often thought of as risky to stocks as Russian Roulette is to your head.  But Biotechs are also a source of safety IF they are winners, and you could in theory have a market down 30% and see a small biotech run up exponentially if it has a major development in a drug candidate.  In short, there’s always action in this sector.  It survives democrats and republicans, bull markets and bear markets, and growth versus defense (and vise versa).

Unfortunately, Genetech fell 1.44% to $69.62 after it beat earnings Monday and reiterated its 2008 guidance.  Unfortunately it also missed sales estimates on ALL of its top four drugs.

Dendreon (NASDAQ: DNDN) was a safety net, as we noted that the E.U. may come to its aid.  It was granted a method patent for its PROVENGE for prostate cancer (and another patent).  That is after a large gain yesterday too.  DNDN rose 4.2% to $6.73.

Genzyme (NASDAQ: GENZ) saw S&P actually Raise its corporate debtrating based on its solid operating performance, varied portfolio, and its strong pipeline.  S&P’s raised the rating to ‘BBB+’ from ‘BBB,’ and this is that much stronger in a "investment grade rating" for corporations.  GENZ fell 0.2% in regular trading and rose 0.2% to $78.68 after the news.

Transition Therapeutics Inc. (NASDAQ: TTHI) rose 10% to $12.10 on a whopping 49,582 shares, yet not official news was out.  We don’t even have any options data on it.

Lifecore Bio (NASDAQ: LCBM) rose a whopping 30% today to $16.76 because Warburg Pincus is acquiring the stock for $17.00 per share.  It traded some 3.4 million shares.

Cell Genesys (NASDAQ:CEGE) rose some 6% to $2.24 after it filed its financial report (on Edgar), but this is one day after its press release of "Interim Analysis Supports Continuation of Cell Genesys’ VITAL-1 Phase 3 Clinical Trial of GVAX Immunotherapy for Prostate Cancer" that was out yesterday.

GPC Biotech AG (NASDAQ: GPCB) fell by 16.9% down to $2.99, although we didn’t see any direct news on this biotech implosion.  Its trading range is (was) $3.25 to $37.79, ouch.

Compugen (NASDAQ: CGEN) rose $0.32 or almost 16% to $2.33, and it was up even further than that in after-hours trading.  The company didn’t have any news today of its own but yesterday morning it did announce a GPCR Ligand Discovery and License Option Agreement With Merck that had it up big yesterday.

Jon C. Ogg
January 15, 2008

Posted on: January 15, 2008 – 7:07 pm in Biotech, , , , , , , ,

Short Selling Volatile Biotechs (June 2007) (DNDN, NFLD, NSTK, ADLR, ALTH, COLY, CEGE, NUVO)

Stock Tickers: DNDN, NFLD, NSTK, ADLR, ALTH, COLY, CEGE, NUVO

Many of the recent biotech implosions are always interesting to see if short sellers are getting out of the way or adding pressure.  Out of the biotechs we covered with recent implosions here is what we saw from May to June.  Oddly enough, only Dendreon (DNDN) out of this group showed a drop in the short interest out of this group from May to June..

Dendreon (DNDN)…can’t forget them. Recently we noted how options were weighing on the stock and how the company probably had a news vacuum coming up.
June Short Interest: 40.8 million shares, down almost 2% from May.
May Short Interest: 41.66M.

Adolor Corp. (ADLR)
June Short Interest: 6.5 million shares, up almost 10% from May.
May Short Interest: 5.9 million shares.

Allos Therapeutics (ALTH) didn’t implode, but it looked like it was going to.  Short sellers didn’t have the news ahead of time so maybe the short-covering was a savior.
June Short Interest: 5.17 million shares, up 30% from May.
May Short Interest: 3.97 million shares.

Northfield Labs (NFLD)….going, going, gone…..Biotech Zombie.
June Short Interest: 8.06 million shares, up 8% from May.
May Short Interest:  7.4 million shares.

Nastech Pharma (NSTK) was Cramer’s biotech zombie he said was looking up back in March. Short sellers bet against Cramer.
June Short Interest: 5.09 million shares, up 21% from May.
May Short Interest: 4.2 million shares.

Coley Pahrmaceuticals (COLY)….short sellers didn’t know this was getting the bad news at the cut-off date.
June Short Interest: 4.7 million shares, up 5% from May.
May Short Interest: 4.46 million shares.

Cell Genesys (CEGE)
June Short Interest: 15.4 million shares, up almost under 10% from May.
May Short Interest: 14 million shares.

Nuvelo Inc. (NUVO)…short sellers didn’t know for sure that Bayer was bailing here…..
June Short Interest: 8.06 million shares, up 8% from May.
May Short Interest: 7.44 million shares.

The Biotech HOLDRs (BBH) are hard to draw an inference to because of the size differentials and volume, but its June short interest was up more than 4% from May with a reading of 1.72 million shares.

Jon C. Ogg
June 27, 2007

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

Posted on: June 27, 2007 – 12:36 pm in Biotech, Short Interest, , , , , , , ,

Vertex Options Active Ahead of Data Presentation

Vertex (VRTX-NASDAQ) is seeing quite a bit of trading today ahead of a data presentation tomorrow.  This one may have been very active all on its own, but since Dendreon (DNDN-NASDAQ) made its exponential move traders and chat rooms keep placing biotech bets on what they hope is "the next Dendreon." Unfortunately we do not have the super-fresh short interest data, but the short interest rose to 10.44 million shares in MARCH from 8.95 million in February.  There has been a lot of safety concerns, so be sure to keep both sides of the story in mind.

Read More »

Posted on: April 13, 2007 – 10:53 am in Biotech, , , , , , ,

Cell Genesys Slips New Holders a Mickey

Cell Genesys, Inc. (CEGE-NASDAQ) has done what many small biotechs do that are in need of cash: sell shares in a private placement "PIPE" after a sharp stock run-up.  It has entered into definitive agreements with institutional investors to sell 10.8 million shares of its common stock and warrants to purchase 2.2 million shares of its common stock through a registered direct offering for gross proceeds of $60 million, before deducting offering fees and expenses.  It also lists Credit Suisse as the lead placement agent for the offering and Needham, Canaccord Adams, and Cantor Fitzgerald are listed as co-placement agents.

The good news is that the funds are all going for what they should be going for: Cell Genesys intends to use the net proceeds from this offering to fund development of its product candidates, including ongoing Phase 3 trials of its lead product, GVAX immunotherapy for prostate cancer, as well as for general corporate purposes.  The original shelf offering was made in 2003 and the company has previously raised capital. These shares and warrants will be immediately seperable and the five-year warrants will not be exercisable prior to six months after issuance.

Shares are down 8.5% at $5.56 in pre-market trading after closing down more than 10% yesterday.  This can’t be too large of a shock since the company stock has more than doubled in the last 3-weeks after the meteoric rise in Dendreon (DNDN). 

Jon C. Ogg
April 11, 2007

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

Posted on: April 11, 2007 – 7:53 am in Biotech, Secondary Offering, ,