Biogen(BIIB $103) soared 19% today reporting profit of $294.3M EPS of $1.20 compared to $217.4 and EPS of 0.80 in the previous year. Revenue from its drug Tysabri used to treat Crohn’s and MS grew 15% to $251M. The Company also reported late stage clinical data on its experimental oral MS drug BG-12. Biogen said the drug cut relapses 49% after two years and reduced progression of disability by 38%. MS affects 2.1M people WW.In another earlier study competitor Teva Pharmaceuticals’ (TEVA $45.81) drug for MS laquinimod cut relapses by 23% and the stock traded down 6.8% on remarks from Biogen about BG-12. Biogen-Idec was added to the Rayno Life Science Portfolio on 2/209 at $49.42.
Nektar (NKTR $9.75) bounced 2.6% today on news that the FDA granted orphan drug status to NKTR-101 now in a Phase II study for treatment of women with ovarian cancer. The stock is trying to find a bottom in the $9-10 after a drop in the stock on news that the NKTR-102 breast cancer product would not be partnered. The Company raised $220M in January at a price of $11.50.NKTR stock has very high institutional ownership of 78%.
Cubist (CBST $33.82) continue to roar to new highs up 1.65% on heavy volume of 1M shares+. High flyer Amarin (AMRN $17) recovered from yesterdays’ sell-off up 6.5% but insiders have been selling stock.