Telik ( TELK) plunged 30% Tuesday on startling information about its trial for experimental cancer treatment Telcyta, while other health care companies previewed their clinical work ahead. Telik late Monday announced that the Food and Drug Administration had halted a study on the company's experimental cancer treatment Telcyta. Data released this weekend showed the drug had a negative survival rate and in fact hastened the deaths of women with advanced ovarian cancer as well as in a separate study of patients with small cell lung cancer. For more on this, check out TheStreet.com's coverage of Telik by senior writer Adam Feuerstein, who is attending the American Society of Clinical Oncology meeting this week. Telik was down $1.34, to $3.24. The Nasdaq Biotechnology Index, which includes Telik, was down 1.74, or 0.2%, to 834.52. Meanwhile, late-stage clinical trials and filings kept some biotech names out of the red. Antigenics ( AGEN) said Tuesday that GlaxoSmithKline ( GSK) launched a phase III clinical trial evaluating its investigational Mage-A3 Antigen-Specific Cancer Immunotherapeutic (ASCI) in non-small cell lung cancer. The stock rose 14 cents, or 5.1%, to $2.89. After yesterday's big gain on positive results for liver cancer treatment Nexavar, Onyx Pharmaceuticals ( ONXX) continued climbing Tuesday after Prudential changed its price target for the company from $25 to $31. The stock was up 79 cents, or 2.4%, to $34.31.
Stocks soar as the gross domestic product rises at an annualized rate of 3.5% in the third quarter and continuing jobless claims fall. Gregg Greenberg recaps the action in The Real Story video (above).