Biotech Sector Weekly Rewind
BOSTON (TheStreet) -- Adam Feuerstein's take on the biotech week that was Oct. 18, 2010:
Not everyone was surprised by the Bydureon decision. Meet the short-seller who got Amylin right.
Amylin's Really Bad Day: Reader Mailbag.The week's best-performing stocks in the sector: Clarient (CLRT) (39%), Verenium (VRNM) (21%), Pharmathene (PIP) (21%), Aryx Therapeutics (ARYX) (20%), Labopharm (DDS) (15%). Alexza Pharmaceuticals (ALXA) and Valeant Pharmaceuticals (VRX) part ways over the delayed AZ-004. Generex Biotechnology (GNBT.PK) exiled to the pink sheets. Gilead Sciences (GILD) earns 90 cents a share (adjusted) in the third quarter on total revenue of $1.94 billion, topping Street consensus. Genzyme (GENZ) forecasts 2011 earnings (adjusted) of $4.30-$4.60 a share, well above Street consensus of $3.85, and says Sanofi-Aventis (SNY) is significantly undervaluing the company with its $69-a-share takeover offer. Based on the valuation multiple Sanofi is using today, Genzyme is worth $89 a share, Genzyme said. Cell Therapeutics (CTIC) issues press release about European regulatory sign-off on a plan to study pixantrone in children, then the company sells preferred shares convertible into 56.8 million common shares and warrants to raise $21 million. This week's Biotech Stock Mailbag: Titan Pharma (TTNP.OB), Mela Sciences (MELA), AVI Biopharma (AVII), Vanda Pharmaeuticals (VNDA) and Savient Pharmaceuticals (SVNT). Transcept Pharmaceuticals (TSPT) releases results from a highway driving study of its Intermezzo sleeping pill, plans to resubmit the drug to the FDA in the first quarter 2011. The week's worst-performing stocks: Amylin Pharmaceuticals (AMLN) (-46%), Alkermes (ALKS) (-25%), Molecular Insight Pharmaceuticals (MIPI) (-22%), Somaxon Pharmaceuticals (SOMX) (-14%), Senesco Technologies (SNT) (-13%). Cubist Pharmaceuticals (TSPT) sells $400 million in convertible debt. A paragraph IV generic challenge was filed against Silenor, the sleeping pill recently launched by Somaxon Pharmaceuticals (SOMX). Alexion Pharmaceutials (ALXN) announces positive, interim results from a pivotal study of Soliris in patients with atypical Hemolytic Uremic Syndrome. The company also reports third-quarter earnings of 50 cents a share on revenue of $141.6 million, topping Street consensus. --Written by Adam Feuerstein in Boston.
>To contact the writer of this article, click here: Adam Feuerstein. >To follow the writer on Twitter, go to http://twitter.com/adamfeuerstein. >To submit a news tip, send an email to: email@example.com.
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 + 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