Millennium Pharma Shares Soar

The company's stock rises nearly 14% on heavy volume.
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Millennium Pharmaceuticals

(MLNM)

shares jumped nearly 14% Friday in active trading, a day after the company reported positive news about its cancer and intestinal drugs.

The company released the news Thursday morning, and during that day's session the stock rose 27 cents to $8.27. Today the shares were up $1.14 to $9.41 on more than 10 times the average daily volume.

Ronald Ellis, an analyst at Leerink Swann, attributed the gain to several factors, including the drug news, options expiration and individual investors reacting to Jim Cramer's positive mention of the stock on the television show "Mad Money."

Cramer is a director and co-founder of

TheStreet.com

(TSCM)

, the publisher of this Web site. He contributes daily market commentary for

TheStreet.com's

sites and serves as an adviser to the company's CEO.

The company issued a press release Thursday announcing positive results for its multiple myeloma drug Velcade and its experimental ulcerative colitis drug MLN02.

According to the results of a phase III study published in the

New England Journal of Medicine

on the safety and effectiveness of Velcade in patients with relapsed multiple myeloma, the drug showed better survival, time to disease progression, and tumor shrinkage compared with the current standard of care, high-dose dexamethasone.

Also published in the journal were phase II results on trials of MLN02 that showed positive results in terms of clinical responses and remission after treatment with the drug.