CuraGen (CRGN), a biopharmaceutical developer, reported a narrower quarterly loss and revised its full-year guidance, sending its shares 1.3% higher to $3.13. CuraGen lost $14.3 million, or 26 cents a share, vs. a loss of $15.7 million, or 31 cents a share, in the year-ago quarter.
For 2006, CuraGen narrowed its loss expectations by $5 million from its previous guidance to between $65 million and $70 million. The Branford, Conn., company also reiterated its revenue guidance of between $35 million and $38 million.
Drug developer Enzon (ENZN - Get Report) got a lift after the company announced plans to collaborate with privately held Santaris Pharma in the development of new cancer drugs. Shares were up 0.9% to $8.07.
Millennium Pharmaceuticals (MLNM), maker of the cancer drug Velcade, fell despite a narrower loss in the second quarter and better-than-expected sales. The stock was down 2.2% to $9.52.The company lost $17.7 million in the quarter vs. a $44.1 million loss in the second quarter a year ago. Revenue was $120.1 million, compared with $110.6 million last year. Velcade sales rose 34% to $58.8 million. Analysts were expecting overall revenue of $115.8 million. Excluding certain charges, the company reported a penny per share in earnings, compared with loss of 2 cents a share expected by analysts surveyed by Thomson First Call. Millennium also reiterated its full-year guidance for a loss of between $95 million and $115 million. Celgene (CELG - Get Report) sank following its report that its quarterly earnings fell and revenue was lower than expected. Celgene earned $9.6 million, or 3 cents a share, compared with $10.8 million, or 5 cents a share, a year ago. Excluding certain charges, the company earned 11 cents a share, a penny above analysts' estimates. While Celgene reported record revenue of $197.2 million in the second quarter, with $63 million in sales of its multiple myeloma drug Revlimid and $107.2 million in sales of the older generation blood-cancer drug Thalomid, it fell short of the $199.2 million analysts were expecting. Shares sank 5.4% to $46.25.