Tenet Healthcare (THC) Weak quarter and outlook still killing the company. Falls to $2.25 from 52-week high of $6.88.
Compugen (CGEN) Company says it will not issue new equity. Market may not believe it. Off to $.50 from 52-week high of $2.80.
Cray (CRAY) Super computer business must be weak. Tough quarter. Down to $2.42 from 52-week high of $6.99.
Silicon Graphics (SGIC) Bad quarter. New CFO. Sells off to $3.55 from 52-week high of $23.12.
Douglas A. McIntyre
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
Shares of ImaRx Therapeutics (IMRX) are off 15% to $1.18. The company’s news about it Transcranial Ultrasound in Clinical SONolysis clinical trial in patients with acute ischemic stroke disappointed the market a little over a week ago and shares have not recovered. The stock was at $4.75 in August.
Seattle Genetics (SGEN) announced an offering of private stock which took shares down 12% to $10.32.
Genentech (DNA) is set to report earnings after hours. The 24/7 Wall St. preview is already available.
Dendreon (DNDN) was hit with a wave of buying early in the day and is trading at three times normal volume up 8% to $6.56. Perhaps an unusual options activity in the FEB-08 $7.50 Calls is the culprit. It had 18,457 contracts trade at that strike and the open interest before today was listed as 107,199 contracts.
BioCryst Pharmaceuticals (BCRX) is trading up 8% on well above normal volume. Named an interirm medical officer on Friday.
Compugen Ltd (CGEN) disclosed a collaboration with Merck (MRK) targeted at predicting peptides likely to activate selected G-protein coupled receptors and validating their agonistic activity. The agreement includes an option to Merck for exclusive worldwide licenses for such peptides. Shares moved up 10% to $2.06
Douglas A. McIntyre
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