This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Health Winners & Losers: Maxygen

Updated from 2:03 p.m. EDT with new stock prices

Biotech stocks traded mixed Wednesday on varied news and analyst adjustments.

Maxygen (MAXY) shares leapt after the company announced Bayer HealthCare is buying the company's hemophelia program assets, including a recombinant Factor VII protein, MAXY-VII, for $90 million upfront and a potential milestone payment of $30 million.

The lead therapeutic candidate in the program is expected to enter phase I testing in the third quarter. Maxygen shares climbed 99 cents, or 28.2%, to $4.50 on the news.

Small-cap Titan Pharmaceuticals (TTP - Get Report) said Wednesday that its initial analysis of a phase IIb trial show that there were no significant differences between patients with advanced Parkinson's disease who received Spheramine and those who underwent a so-called sham surgery, after 12 months of follow-up. The study met neither its primary nor secondary goals. Titan said it doesn't expect its partner Bayer Schering Pharma will continue development of the product. Shares dropped 58 cents, or 44.3%, at 73 cents.

AstraZeneca (AZN - Get Report) said Tuesday evening that a New Jersey court granted summary judgment in its favor as part of its legal challenge against Teva's (TEVA) filing for a generic version of Seroquel. AstraZeneca's patent for the antipsychotic drug expires in 2011. Teva said it will appeal the decision.

AstraZeneca shares rose 70 cents, or 1.6%, to $44.12 while Teva hugged the flat line.

Meanwhile, Cubist Pharmaceuticals (CBST) said it will promote AstraZeneca's broad spectrum I.V. antibiotic Merrem I.V. in the U.S. The agreement establishes a baseline of $20 million annual revenue to be adjusted based on sales. Cubist shares added 75 cents, or 4.1%, to $19.03.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
MAXY $0.00 0.00%
MRX $0.00 0.00%
AZN $72.40 1.20%
CBST $101.94 0.14%
CELG $115.90 1.00%


DOW 18,037.54 +2.61 0.01%
S&P 500 2,105.22 +4.82 0.23%
NASDAQ 5,019.3360 +24.7340 0.50%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs