Biotech stocks were largely flat Tuesday, though a few were still working out kinks from clinical data that sent them into a tizzy earlier in the week.
Shares of Celgene (CELG - Get Report) and Millennium Pharma (MLNM) settled down on Tuesday as investors digested competing data for Celgene's oral Revlimid and Millennium's Velcade injection as front-line multiple myeloma drugs.
Both drugs are already approved for patients who've tried other treatments unsuccessfully, and they're eyeing approval for previously untreated patients in 2008. Millennium presented stronger-than-predicted Velcade data at the American Society of Hematology annual meeting, agitating Celgene's share price Monday. But analysts have also reaffirmed Revlimid expectations and on Tuesday shares reversed.
Shares of Celgene slid 11.1% between Friday's close and Tuesday's open, but rebounded $2.34, or 4.8%, to $51.52 in recent trading Tuesday. Meanwhile, Millennium's shares gained 8.5% between Friday's close and Tuesday's open, and retracted 19 cents, or 1.2%, to $15.80 on Tuesday.Celgene and Millennium Pharma are both components of the Nasdaq biotechnology index, which was up just 1.34, or 0.15%, at 872.02. Cell Therapeutics (CTIC - Get Report) said Tuesday that in a phase II/III study patients who were treated with its combination therapy candidate for aggressive non-Hodgkin's lymphoma had fewer severe side effects than those who were treated with standard therapy. Shares edged up 11 cents, or 4.7%, to $2.46.