Stocks in Motion: Big Volume in FDA Losers Genta, Allos

Updated from 1:01 p.m. EDT

Shares of Genta(GNTA Quote - Cramer on GNTA - Stock Picks) and Allos Therapeutics(ALTH Quote - Cramer on ALTH - Stock Picks) saw heavy volume Tuesday after both companies received word that their respective drugs were rejected by Food and Drug Administration panels on Monday.

Genta's cancer drug Genasense was rejected by an independent advisory panel on Monday by a vote of 13 to 3. The panel found that data did not support the drug's efficacy. Shares of Genta were halted for much of the day Monday, but when trading finally resumed, the stock plunged 41% on heavy volume of 17.7 million shares.

The stock was active again on Tuesday, with volume of 22.2 million shares. Shares of Genta traded down 45 cents, or 8.8%, to $4.66.

Allos, meanwhile, was active Tuesday after an independent advisory panel for the FDA found that the company's RSR13 cancer drug did not show effectiveness in treating brain cancer after it spreads from breast cancer.

The panel voted 16 to 1 against the company's drug. The news shouldn't have surprised investors who on Friday learned that reviewers from the FDA said RSR13 was "not convincing." Shares of Allos ended the day up 32 cents, or 13.4%, to $2.71.

In other action, Teva Pharmaceuticals(TEVA Quote - Cramer on TEVA - Stock Picks) rose on heavy volume after the company reported strong first-quarter results. The drugmaker earned 64 cents per share on revenue of $1.05 billion. Analysts were expecting 59 cents per share on revenue of $1.01 billion.

Looking ahead, the company said that it expects net income of $2.70 to $2.74 per share on revenue of $4.5 billion for 2004. Analysts were expecting $2.57 per share on revenue of $4.42 billion during 2004. Shares of Teva traded up $2.30, or 3.8%, to $62.65 on volume of more than 10 million shares.

Other Nasdaq names on the high-volume list included Oracle(ORCL Quote - Cramer on ORCL - Stock Picks), Intel(INTC Quote - Cramer on INTC - Stock Picks), Cisco(CSCO Quote - Cramer on CSCO - Stock Picks) and Microsoft(MSFT Quote - Cramer on MSFT - Stock Picks).

NYSE high-volume leaders included Nortel(NT Quote - Cramer on NT - Stock Picks), Lucent(LU Quote - Cramer on LU - Stock Picks), Agere Systems(AGRb Quote - Cramer on AGRb - Stock Picks), Calpine(CPN Quote - Cramer on CPN - Stock Picks) and Tyco(TYC Quote - Cramer on TYC - Stock Picks).

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