Healthcare Business

Biotech Movers & Shakers (AMGN, CRME, DNDN, GNVC, DNA, QLTI, TBRN, BBH, XBI)

Douglas A. McIntyre

Biotech’s are sliding along with all the others today. A look at the highlights and outliers:

Amgen (NASDAQ: AMGN) and Wyeth (NYSE: WYE) announced that arthritis and psoriasis drug Enbrel will now have a tuberculosis warning put on the label. Amgen down $1.27 to a nearly new low of $43.19 today with a 52 week range of $43.14 to $66.06. Wyeth shows less response–up $0.34 to $39.76, with a range of $39.50 to $62.30. 

Cardiome Pharma Corp. (NASDAQ: CRME) showed positive results in interim mid-stage data for abnormal heart rhythm drug. There is also talk of selling drug off. Shares responded with a 34% rise to $8.40 today. The 52 week range is $5.78 to $12.62. 

Dendreon (NASDAQ: DNDN) slipping after analysts question success of prostate-cancer vaccine Provenge clinical trial results that are due later this year. Down over 9% to $4.29 today.

GenVec (NASDAQ: GNVC) shares are still up after earnings call Friday. The company reported smaller than estimated losses despite a drop in revenue. The company projects higher revenues in 2008. Shares are up 5% to $1.24. The 52 week range is $0.97 to $4.72.

Genetech (NYSE: DNA) is still dipping after Friday’s earnings and projections for 2008 came up short to estimates. Down 2% to $77.15 today, the stock closed at $78.83 Friday. The 52 week range is $65.35 to $85.95.

QLT Inc. (NASDAQ: QLTI) up almost 50% on an FDA removal of blood screening and monitoring requirement for its acne treatment, Aczone. The FDA decision followed recent studies that resulted in no clinical evidence that anemia is associated with use of the drug. Shares are trading at $3.61 in early afternoon trading. The 52 week range is $2.43 to $8.40.

Trubion Pharmaceuticals (NASDAQ: TBRN) mysteriously up by 6% today. Last Thursday, the company reported widened losses, however, the losses weren’t as deep as estimated by Wall Street. Shares trading at $8.33 with a 52 week range of $5.84 to $22.46.

There is no easier way for basic investors to check how a sector is doing other than the ETF’s, and the Biotech ETF’s will describe the situation today.  The Biotech HOLDRs (AMEX: BBH) are down 2.6% at $166.05 today, and the SPDR Select S&P Biotech ETF (AMEX: XBI) is down almost 4% at $48.14.

Rachel Lopez
March 17, 2008