Tuesday's Health Winners & Losers
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) 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) 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.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV