Cancer Drug Data Fail to Lift Genentech

Updated from 8:45 a.m. EDT

Shares in OSI Pharmaceuticals(OSIP Quote) and Genentech(DNA Quote) slipped Monday despite positive test data on a cancer drug the two companies are developing.

Data presented at the American Society of Oncology's annual meeting Saturday showed the companies' Tarceva treatment increased survival by 42% in patients with end-stage non-small-cell lung cancer.

Shares in both companies rose in early trading, but then fell back. Genentech shares fell $3.10, or 5.2%, to $56.31 while OSI shares lost $4.51, or 5.7%, to $74.02. ...