Biopharmaceutical stocks got a boost today from a rally in NASDAQ stocks and some positive news on cancer drugs from ASCO. The IBB ($106.36) was up 1.6% off its YTD and all time high of $110 and a nice rally after five days of weakness.The XBI was also up 1.97%. Many biotech stocks hit their highs in early May.
Ariad (ARIA $8.64) up 9% on high volume near its high of five days ago presented Phase III data yesterday with Merck(MRK)on oral Ridaforolimus that it achieved its primary endpoint of progression free survival with bone sarcomas. The Company has three other trials for the drug and another drug Ponatinib in Phase II for CML.
Bristol-Myers (BMY $28.12) up 0.54%, a large cap pharmaceutical stocks paying a dividend of 4.7%, announced positive data on Sunday for a second Phase III study of its melanoma drug Yervoy (ipilimumab) in combination with Decarbazine. The drug met its primary endpoint and 47% of patients in the trial were alive after one year.As was the case in this Yervoy trial the WSJ noted today an increasing trend toward using drug combinations to treat cancer.
Exelixis (EXEL $9.76) up 12.3% recovered today after a big sell-off yesterday(stock was $11.50 last wednesday) after announcing six deaths from a recent clinical trial for the prostate cancer drug cabozantinib.
INCY ($17.07) up 1% on news that it will file an NDA with the FDA for Ruxolitinib in Myelofibrosis, a life threatening blood cancer. Data was presented at ASCO on June 4. The stock hit a high of $21.15 in early July.
See chart below for Pre-ASCO effect and sell-off: