Biotech Report
Biogen (BIIB) was at 48.06 at midday today. Biotech stocks perked up considerably at the start of January, pointing to a long-overdue rotation into the speculative sector.
Biogen began a Phase III study of its investigational cancer drug in patients with non-Hodgkin’s lymphoma [NHL]. The compound, called galiximab, is an anti-CD80 monoclonal antibody. It will be given to 700 NHL patients who have failed an earlier therapy. Galiximab will be administered as an adjunct to Rituxan and compared to Rituxan by itself. The trial is governed by a special protocol assessment that Biogen Idec reached with the FDA in July 2006. Because the CE80 target is found in Hodgkin’s disease cells as well as NHL, Biogen Idec will test the drug in additional indications. Biogen Idec fell $1 to $47.79.
After the closing bell, Amgen (NasdaqGS: AMGN) reported Q4 revenues that were 17% higher at $3.8 billion and earnings per share of 90 cents (before special charges). The earnings number was about 5 cents below expectations, which sent the stock lower in after-hours trading. Amgen lost 29 cents in the regular session and then dropped another $1.60 after the announcement, ending at $73.34, a loss of 2.4%.
Monday, Kindler is expected to announce a drastic overhaul of Pfizer's budget during a conference call with analysts, though the company has been tight-lipped as to the form such cuts may take. After already cutting its U.S. sales team by 20% in November, it is felt Pfizer's European team can expect more of the same. "There will be facilities closures," according to someone with knowledge of the situation.
FDA announced plan to implement more security and regulation on biotechnology/healthcare drugs.
In other news for the healthcare sector, I am still following Abbot Laboratories as a potential proposal. They seem like they are declining a little since last week’s meeting but have just announced new studies and are working on more drugs. I will keep you all posted.
Biogen began a Phase III study of its investigational cancer drug in patients with non-Hodgkin’s lymphoma [NHL]. The compound, called galiximab, is an anti-CD80 monoclonal antibody. It will be given to 700 NHL patients who have failed an earlier therapy. Galiximab will be administered as an adjunct to Rituxan and compared to Rituxan by itself. The trial is governed by a special protocol assessment that Biogen Idec reached with the FDA in July 2006. Because the CE80 target is found in Hodgkin’s disease cells as well as NHL, Biogen Idec will test the drug in additional indications. Biogen Idec fell $1 to $47.79.
After the closing bell, Amgen (NasdaqGS: AMGN) reported Q4 revenues that were 17% higher at $3.8 billion and earnings per share of 90 cents (before special charges). The earnings number was about 5 cents below expectations, which sent the stock lower in after-hours trading. Amgen lost 29 cents in the regular session and then dropped another $1.60 after the announcement, ending at $73.34, a loss of 2.4%.
Monday, Kindler is expected to announce a drastic overhaul of Pfizer's budget during a conference call with analysts, though the company has been tight-lipped as to the form such cuts may take. After already cutting its U.S. sales team by 20% in November, it is felt Pfizer's European team can expect more of the same. "There will be facilities closures," according to someone with knowledge of the situation.
FDA announced plan to implement more security and regulation on biotechnology/healthcare drugs.
In other news for the healthcare sector, I am still following Abbot Laboratories as a potential proposal. They seem like they are declining a little since last week’s meeting but have just announced new studies and are working on more drugs. I will keep you all posted.
posted by Liz at
12:00 PM
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