We have several big movers on news this morning, and none appear to be based upon earnings. Stocks on the move are ArQule Inc. (NASDAQ: ARQL), BioSante Pharmaceuticals, Inc. (NASDAQ: BPAX), Bristol-Myers Squibb Company (NYSE: BMY), BP plc (NYSE: BP), Cell Therapeutics, Inc. (NASDAQ: CTIC), Crystallex International Corp. (AMEX: KRY), Talecris Biotherapeutics Holdings Corp. (NASDAQ: TLCR), and VIVUS, Inc. (NASDAQ: VVUS). We have compiled a brief news summary and the moves that coincide with the events.
ArQule Inc. (NASDAQ: ARQL) is trading up along with many other cancer-related stocks due to ASCO. The company says its drug could help lung cancer patients following the presentation of final Phase 2 results for ARQ 197 c-Met inhibitor in Non-Small cell lung cancer at ASCO. Shares are trading up 5.9% at $5.94 on 32,000 shares.
BioSante Pharmaceuticals, Inc. (NASDAQ: BPAX) is trading up after it announced the receipt of an FDA Orphan Drug Designation for GVAX as a chronic myeloid leukemia cancer vaccine. Shares closed at $1.94 on Friday, and in the pre-market the stock is trading up over 9% at $2.12 on over 70,000 shares.
Bristol-Myers Squibb Company (NYSE: BMY) is soaring this morning on positive melanoma drug news out of ASCO and after Goldman Sachs raised the rating to Buy. Shares are up 6.2% at $23.83 on over 200,000 shares. The 52-week range is $19.12 to $27.07.
BP plc (NYSE: BP) is trading up so far this morning on word that its containment cap is now siphoning off more than 10,000 barrels of oil per day. The report from the Coast Guard noted that there will be oil out there for some time longer and that the extensive clean-up efforts could go on for months. ADRs are up 4% at $38.64 on fairly active trading volume.
Cell Therapeutics, Inc. (NASDAQ: CTIC) is up after its press release showing that OPAXIO Phase II study results confirm a high rate of complete response with low rates of side effects in patients with advanced esophageal cancer. Shares are up almost 8% at $0.37+ but on volume that is rather thin for a penny stock and with as wide of a cult following as this one had.
Crystallex International Corp. (AMEX: KRY) is back, or at least its stock is soaring this morning. The company announced that it has struck a strategic partnership with the resource subsidiary of China Railway Engineering Corporation for the Las Cristinas. Shares are up 61% at $0.87 on well over 400,000 shares.
Talecris Biotherapeutics Holdings Corp. (NASDAQ: TLCR) is up over 50% this morning. The firm is being acquired for $3.4 billion in a friendly merger deal from Spanish firm Grifols. The cash and stock deal comes to roughly $26.19 before the effects of any share price changes. Shares are up over 51% at $24.14 in the pre-market.
VIVUS, Inc. (NASDAQ: VVUS) is trading higher after the company announced positive results from the phase 3 REVIVE-Diabetes study of avanafil. This is for the treatment of erectile dysfunction in men with type 1 and type 2 diabetes. The REVIVE-Diabetes study did meet all three of its primary endpoints across the two doses studied by demonstrating statistically significant improvement in erectile function and improvements in the International Index of Erectile Function score. There were also not instances with certain foods and alcohol. Shares were down 4.4% at $12.90.
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JON C. OGG