Tuesday's Winners & Losers: Cell Genesys
Cell Genesys (CEGE) soared Tuesday after announcing Monday post close that it signed Japanese drug maker Takeda Pharmaceutical as a global partner for GVAX Prostate, a prostate cancer vaccine in late-stage development. Takeda will pay Cell Genesys $50 million upfront, up to $270 in milestones tied to regulatory approvals and commercialization, and also royalties on future sales. The stock added 69 cents, or 29%, to $3.04.
Akamai (AKAM) gained $2.67, or 9.5%, to $30.83 after the stock got a thumbs up from two Wall Street analysts.
An analyst at Piper Jaffray upgraded the stock to buy from neutral while a Citigroup analyst reiterated his buy rating on the belief that the company's business remains strong because of continued momentum for online video.
Then Progenics Pharmaceutical (PGNX) and Wyeth (WYE) excelled after the companies said their partnered constipation drug Relistor was approved for sale in Canada. Relistor is an injection for constipation resulting from opiate pain medications in patients with advanced illness who have tried laxatives unsuccessfully.Progenics shares traded up 16.5% to $7.61, and Wyeth traded up 1.7% to $42.48. Shares of Palm (PALM) were up 43 cents, or 8.6%, to $5.43 after the company said late Monday that it sold one million devices of its latest smartphone Palm Centro since it went on sale September. Also gaining, Buffalo Wild Wings (BWLD), a Minneapolis restaurant chain, jumped 12.2% to $27.50 after Morgan Keegan bumped the stock's rating to outperform from market perform. Shares of Kandi Technologies (KNDI), a maker of all-terrain vehicles, go-karts and other vehicles in China, zoomed ahead 15.9% to $6.48. For the full year 2007, Kandi announced income of $5 million, or 31 cents a share, vs. $1.1 million, or 10 cents a share, in 2006. Revenue more than doubled to $34.7 million.
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