Exelixis (EXEL) stock was up over 30% today to $6.14 on positive data from two experimental cancer drugs for prostate and ovarian cancer. The XL 184 drug showed promising results with castration-resistant prostate cancer (CRPC) achieving either partial or complete remission in 19/20 prostate cancer patients.In another mid-stage Phase 3 study tumor shrinkage was observed in 30/37 patients with measurable metastatic lesions. XL 184 is an inhibitor of tumor growth and targets MET and VEGFR2, key kinases involved in the development and progression of many cancers.”The high response rate in patients with ovarian cancer is reflective of the broad anti-tumor activity of XL 184 observed in multiple tumor types to date”, said Michael M. Morrissey, Ph.D. President and CEO of Exelixis. The Company has two other Phase 2 drugs in its pipeline, XL 147 and XL 765 both targeting cancer.
EXEL was added to the Rayno Biopharmaceutical Portfolio on September 2 at a price of $3.30 and is up over 80%.
Neogen (NEOG) is up over 4% to $36 on light volume with no news. Over the past 5 days with the recent market sell-off NEOG was down more than $2 from its 52 week high of $36.90 so bargain hunters may have come in .Neogen is a leading small company player in food and animal safety and was nominated again to the Forbes list of Best Small Companies. Increasing concern about food safety such as Salmonella in the egg industry are a big driver for the Company’s products.
NEOG was added to the Rayno Life Science Tools and Diagnostics Portfolio on July 2 at a Price of $25.70.
Today the Senate cleared a Food Safety Bill which will provide the FDA with more authority over recalls and setting improved standards for food manufacturers. According to the CDC, 76 million people are sickened with food borne illness each year in the U.S. resulting in 325,000 hospitalizations and 5,000 deaths.
Biotech and Medical Diagnostic stocks are rallying along with NASDAQ today with many stocks up 2-4%. The broad based ETF IBB is up 1.9% at $88.63 off its recent Q4 high of $90. Other 3% + movers in the Rayno Portfolio are Alera (ALR), Micromet (MITI), Qiagen (QGEN), Seattle Genetics (SGEN).