CuraGen ( CRGN), a biopharmaceutical developer, reported a narrower quarterly loss and revised its full-year guidance, sending its shares 1.3% higher to $3.13. CuraGen lost $14.3 million, or 26 cents a share, vs. a loss of $15.7 million, or 31 cents a share, in the year-ago quarter. For 2006, CuraGen narrowed its loss expectations by $5 million from its previous guidance to between $65 million and $70 million. The Branford, Conn., company also reiterated its revenue guidance of between $35 million and $38 million. Drug developer Enzon ( ENZN) got a lift after the company announced plans to collaborate with privately held Santaris Pharma in the development of new cancer drugs. Shares were up 0.9% to $8.07. Millennium Pharmaceuticals ( MLNM), maker of the cancer drug Velcade, fell despite a narrower loss in the second quarter and better-than-expected sales. The stock was down 2.2% to $9.52. The company lost $17.7 million in the quarter vs. a $44.1 million loss in the second quarter a year ago. Revenue was $120.1 million, compared with $110.6 million last year. Velcade sales rose 34% to $58.8 million. Analysts were expecting overall revenue of $115.8 million. Excluding certain charges, the company reported a penny per share in earnings, compared with loss of 2 cents a share expected by analysts surveyed by Thomson First Call. Millennium also reiterated its full-year guidance for a loss of between $95 million and $115 million. Celgene ( CELG) sank following its report that its quarterly earnings fell and revenue was lower than expected. Celgene earned $9.6 million, or 3 cents a share, compared with $10.8 million, or 5 cents a share, a year ago. Excluding certain charges, the company earned 11 cents a share, a penny above analysts' estimates. While Celgene reported record revenue of $197.2 million in the second quarter, with $63 million in sales of its multiple myeloma drug Revlimid and $107.2 million in sales of the older generation blood-cancer drug Thalomid, it fell short of the $199.2 million analysts were expecting. Shares sank 5.4% to $46.25.
Among other stocks on the move, Genentech ( DNA) shares fell 1.6% to $81.07; SuperGen ( SUPG) was down 2.7% to $3.55; InterMune ( ITMN) lost 3.8% to $15.37; United American Healthcare ( UAHC) was down 7.3% to $3.20. Stocks getting a boost included Ivax Diagnostics ( IVD), up 14.8% to $1.55; Iomed ( IOX), gaining 5.7% to $1.85; Chad Therapeutics ( CTU), higher by 5.1% to $2.69; and PainCare Holdings ( PRX), up 3.5% to $1.80.