Major Biotechs on the Move (OSIP, DNA, IMCL, LLY, BMY, CRXX)
There is suddenly quite a bit going on in the land of biotech and drug stocks. We have a higher merger, a disappointing “add-on” possibility out of the magical Avastin, and an outright biotech implosion.
OSI Pharmaceuticals Inc. (NASDAQ: OSIP) is getting hit hard in early trading this morning. The biotech has released data showing that a Phase III trial of Genentech’s (NYSE: DNA) Avastin combined with Tarceva in certain patients with advanced non-small-cell lung cancer did not meet the primary endpoint of increasing overall survival compared with Tarceva plus placebo.
In a separate note, Roche and Genentech over the weekend noted that the two companies are joining forces to work with Switzerland’s GlycArt to develop and commercialize one of the Genentech’s oncology agents.
Carl Icahn scored a win for holders of ImClone Systems (NASDAQ: IMCL) is trading up around $69.00 per share this morning. The biotech maker of EBRBITUX and Carl Icahn have formally scored as Eli Lilly (NYSE: LLY) is jumping in front of Bristol-Myers Squibb (NYSE: BMY) with a higher $70.00 buyout rather than the revised $62.00 buyout which Bristol-Myers was hoping to secure. Will a bidding war come into play?
CombinatoRx, Incorporated (NASDAQ: CRXX) has gotten even worse since our first biotech implosion alert after it released data from its Phase IIb study of Synavive (CRx-102) for Knee Osteoarthritis showing that its Synavive test was not statistically significant. The company said that it is a setback for the Synavive program and it will continue to evaluate and analyze the data.
Jon C. Ogg
October 6, 2008
Medical & Biotech Analyst Upgrades & Downgrades
Omnicare (OCR) Raised to Buy at Jefferies.
RehabCare (RHB) Raised to Outperform at Morgan Keegan.
Hansen Medical (HNSN) Cut to Neutral at Merriman Curhan Ford.
ImClone (IMCL) Cut to Hold at Citigroup.
Osiris Therapeutics (OSIR) Cut to Underperform at Jefferies.
Wyeth (WYE) Cut to Neutral at HSBC.
JON OGG
ERBITUX Approved in Japan for Colorectal Cancer
ImClone Systems Incorporated (NASDAQ: IMCL) is seeing a slight gain this morning after the company announced that ERBITUX(R) has received final marketing authorization in Japan to treat patients with advanced or metastatic colorectal cancer (mCRC).
ERBITUX will be used to treat Japanese patients with epidermal growth factor receptor (EGFR)-positive, curatively unresectable (inoperable), advanced or recurrent CRC, and has the use of ERBITUX plus irinotecan in second and further lines of mCRC. ERBITUX is now the first ever EGFR-targeted monoclonal antibody to receive marketing authorization in Japan.
Bristol-Myers Squibb (NYSE: BMY) has been Imclone’s commercialization partner. We would also note that Merck KGAA (the German Merck, not U.S.) was also in the pact that was sent in for approval back in 2007.
We have seen minimal trading so far, but as of 8:45 AM EST we have seen 1,000 shares trade and shares are indicated up over 0.5% at $41.50. Its 52-week range is $30.34 to $49.18 and it trades an average daily volume of about 1.8 million shares.
Jon Ogg
July 16, 2008
Med-Bio Analyst Upgrades & Downgrades (BMY, EHTH, IMCL, BABY, NUVA, ONXX, OSIP, ZMH)
These are some of the analyst calls that have been seen in medical and biotech this Friday morning:
- Bristol-Myers (NYSE: BMY) raised to Outperform at Bernstein.
- EHealth (NASDAQ: EHTH) Raised to Overweight at Thomas Weisel.
- ImClone Systems (NASDAQ: IMCL) Started as Overweight at Thomas Weisel.
- Natus Medical (NASDAQ: BABY) Started as Buy at UBS.
- NuVasive (NASDAQ:: NUVA) Raised to Overweight at Thomas Weisel.
- Onyx Pharmaceuticals (NASDAQ: ONXX) Started as Market Weight at Thomas Weisel.
- OSI Pharmaceuticals (NASDAQ: OSIP) Started as Overweight at Thomas Weisel.
- Zimmer (NYSE: ZMH) Downgraded to Market Weight from Overweight at Thomas Weisel.
Jon C. Ogg
June 27, 2008
ImClone Systems Starts Solid Malignancies & Lymphoma Trial Enrollment (IMCL)
ImClone Systems Inc. (NASDAQ: IMCL) has announced that its Phase 1 clinical trial of IMC-A12, itss fully human IgG1 anti-insulin-like growth factor-1 receptor monoclonal antibody plus the mTOR inhibitor temsirolimus, has opened for enrollment in patients with advanced solid malignancies and lymphoma.
This study is being carried out at the M.D. Anderson Cancer Center in Houston, Texas and the Barbara Anne Karmanos Cancer Institute/Wayne State University in Detroit, Michigan. This study is a component of an initial stage of at least 10 Phase 1 and 2 clinical trials of IMC-A12. It is designed to specifically target the human IGF-1R to block a signaling pathway that enhances tumor cell proliferation and survival.
In 2007, ImClone completed enrollment into two Phase 1 studies of IMC-A12 with favorable safety and pharmacokinetic profiles, as well as preliminary evidence of anti-tumor activity as a single agent when administered either weekly or every two weeks.
In addition to this Phase 1 study of IMC-A12 plus temsirolimus, Phase 2 studies of IMC-A12 in patients with advanced prostate, pancreatic, colorectal, liver, and head and neck cancers, as well as a series of Phase 1/2 studies in pediatric malignancies, have begun to enroll patients.
Jon Ogg
June 25, 2008
Short Sellers Lighten Up on Major Biotechs in May
We ran the short selling report that just came out on major NASDAQ biotech stocks to see what the change in short selling was. Interestingly enough, in almost all of the major and large US biotechs traded on NASDAQ.
STOCK (Ticker) MAY 30 MAY 15 CHANGE
Amgen Inc. (AMGN) 22,678,517 24,778,770 -8.48%
Biogen Idec Inc. (BIIB) 6,346,464 6,788,432 -6.51%
Celgene Corporation (CELG) 13,775,373 16,336,232 -15.68%
Genzyme Corporation (GENZ) 5,684,945 5,621,969 +1.12%
Gilead Sciences, Inc. (GILD) 32,478,444 32,690,603 -0.65
ImClone Systems Inc. (IMCL) 7,149,395 7,664,009 -6.71%
And below you can see the short selling changes on some of the smaller biotechs that are still rather active in daily trading volume. The results below are more mixed than they are in the major biotechs.
STOCK (Ticker) MAY 30 MAY 15 CHANGE
Amylin Pharmaceuticals, Inc. (AMLN) 23,855,471 23,642,854 +0.90%
Cell Genesys, Inc. (CEGE) 16,931,592 17,222,281 -1.69%
Dendreon Corporation (DNDN) 31,117,812 30,728,499 +1.27%
Illumina, Inc. (ILMN) 12,239,553 11,902,877 +2.83
Invitrogen Corporation (IVGN) 9,125,954 9,340,210 -2.29%
Medarex, Inc. (MEDX) 21,837,573 19,682,828 +10.95%
Jon C. Ogg
June 11, 2008
Key Interviews & Data Out of ASCO (AVAN, PFE, CELG, IMCL, DNA)
Today we saw many stocks with key news events at the annual American Society of Clinical Oncology or “ASCO” conference in Chicago. Much of the data had been signaled a couple of weeks ago ahead of the conference, but many more data points were seen today or over the weekend. CNBC’s Mike Huckman got to cover many top issues, and he ran many video interviews today from some of the key movers. Here are some of the stocks they covered with the share price reaction:
- AVANT Immunotherapeutics, Inc. (NASDAQ: AVAN) +28% at $17.98.
- Celgene Corporation (NASDAQ: CELG) +0.56% to $61.20.
- Genentech Inc. (NYSE: DNA) +4.3% to $73.95.
- Imclone Systems Inc. (IMCL) -6.06% to $40.94.
- Pfizer Inc. (NYSE: PFE) -0.9% to $19.18.
Since CNBC had many of these interviews on an exclusive or near-exclusive basis, we’d suggest that you watch these video clips if you missed the news today as they all had market-moving data today or over the weekend.
Jon Ogg
June 2, 2008
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