(Biotech Winners & Losers item updated for closing stock prices.)
NEW YORK (
stock was one of the leading gainers among biotech shares Monday on a day when most names in the land of experimental medicaments were in the green.
The Nasdaq Biotechnology Index jumped 6.24 points to 930.20
Shares of Lexicon, a Houston-based outfit that's attempting to develop treatments for diabetes, irritable bowel syndrome and rheumatoid arthritis, among other diseases, gained 4% to $1.79 Monday after earlier going as high as $1.91. Volume exceeded 1.9 million shares; average daily turnover has been about 750,000 shares.
Lexicon is expected to release results of a Phase Two clinical study of its rheumatoid arthritis drug LX2931. The firm launched the 12-week study in August 2009. On Friday, the company's CEO, Arthur Sands, is scheduled to deliver a presentation at the Biotech Industry Conference in New York.
shares added 21 cents, or 4.6%, to $4.81, on brisker-than-average volume. Earlier in the session, the stock hit $4.99.
Last week, the company licensed a pair of drugs still under development to
for an initial payment of $60 million. The two companies will collaborate on developing the drugs, which could be used to treat diabetes and inflammatory illnesses, Exelixis says.
If certain milestones are hit, Exelixis said the Bristol-Myers deal could eventually result in payments of more than $500 million. Both drug programs are in preclinical trials.
Bristol-Myers in June walked away from a deal with Exelixis under which the companies were to have worked on a cancer drug. The two companies have five other licensing agreements in place.
stock continued to ride higher Monday, gaining more than 7% to $14.21. Last week,
to supply $500 million worth of smallpox antiviral treatments to the Department of Health and Human Services.
To make the deal official, though, SIGA needs to address a protest filed by a rival bidder for the government contract, one of the conditions of which is that the winner be certified as a small business. The Small Business Administration will rule on the protest.
Among other biotech gainers,
shares rose 4% to $16.59,
added 3.7% to $9.46 and
( CRA) ended the day up 3.7% to $6.10.
Earnings season is upon us, and
, with investors cued on sales of the company's HIV drug in European markets, where governments have ordered price cuts.
Gilead shares ended Monday's regular session down 0.5% to $37.54.
Other leading biotech decliners during the session included
, which lost 4.7% to $27.57,
, which closed Monday down 3.75% to $25.69, and
, which fell 5% to $4.
Molecular Insight Pharmaceuticals
( MIPI) shares were declining Monday after
. The troubled company -- on the verge of being delisted by Nasdaq -- said an early-stage clinical trial of a cancer diagnostic test showed positive results vs. a rival technology.
The stock finished Monday by sinking 15.8% to $1.07. Also on Friday, Molecular Insight received another waiver extension from its bondholders as it struggles to refinance its debt load.
-- Written by Scott Eden in New York
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