Health Winners & Losers: Cell Genesys

Biotechs underperformed the broader markets on Wednesday as a theme of death haunted the sector.

The big mover Wednesday, Cell Genesys (CEGE Quote - Cramer on CEGE - Stock Picks), took a beating after the company said it ended a late stage trial because more patients taking its prostate cancer vaccine, GVAX, had died than those who were in the study's control arm. An independent data monitoring committee recommended the company stop the trial after a routine check showed that of 114 deaths there were 67 deaths in patients taking GVAX and chemotherapy, versus 47 in those taking the control of chemotherapy plus prednisone.

The company has requested the IDMC also review its other late stage trial on GVAX, the ongoing VITAL-1 study. It expects the results of that futility analysis in roughly a month. Shares were down $2.05, or 73.1%, to 76 cents.

Amylin(AMLN Quote - Cramer on AMLN - Stock Picks) shed more than 26% Wednesday. The company and partner Eli Lilly(LLY Quote - Cramer on LLY - Stock Picks) hosted a conference call Tuesday to address the recent Food and Drug Administration advisory on diabetes drug Byetta.

The companies announced four deaths in patients who were taking Byetta and had pancreatitis in addition to the two deaths of the six cases the FDA discussed last week. However, executives said the deaths weren't because of pancreatitis. They reiterated that it's ultimately unknown if Byetta played a role in the rare cases of pancreatitis, and said they continue to believe the drug has a positive risk-benefit profile for patients with type II diabetes.

Amylin fell shares fell $7.16 to $20.08, while Lilly's shares edged down just 12 cents, or 0.3%, to $46.90.

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