Volatile Day on Wall Street-Biotech Stocks Are Holding Up Well with NASDAQ Down 1.18%

Selected biotech stocks were in the green today responding to good news despite a nasty day in the market. The major ETF’s were down FBT ($38 down 1.09%), IBB ($94.25 down 0.8%), and XBI ($62.3 down 0.96%). Our Index of 33 mid-cap biotechs is down 0.8% as of 2:40P EDT.

Incyte (INCY $13.60 ) was up 1.7% on news that its Ruxolitinab Phase III drug met its primary  endpoint with statistical reduction in spleen size in patients with myelofibrosis a life threatening cancer. The trial was conducted with partner Novartis (NVS) in Europe and conformed trials with an earlier US study. Ruxolitinab is an oral JAK1,JAK1 inhibitor that has shown activity in hematology and inflammatory conditions.

The stem cell space perked up today with Osirus Therapeutics (OSIR $6.65) up 2.3% on a potential nuclear disaster play as OSIR has $224.7M in US Government Contracts (Project Bioshield Act) to develop prochymal stem cells.

Medical device developer Cardiovascular Systems(CSII $10.95) was up 4% on the filing of the Special 510k for their Stealth 360 Orbital Pad System for treatment of peripheral artery disease(PAD). Following FDA clearance the product is expected to be in limited market release  in Q3 2011.

Illumina (ILMN $64.62) was up 0.5% on the pricing of a $800M convertible debt offering to replace common shares and existing convertible debt.

Seattle Genetics(SGEN $14.79) was up 1.44% on an expansion of their antibody-drug conjugate collaboration for work in solid tumors with Millennium a subsidiary of Takeda Chemical Company.

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