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.
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