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For a Monday before the Thanksgiving holiday, this is turning into an extremely busy day on the biotech beat. Two of the stories actually broke on Sunday: Celgene buying Pharmion for nearly $3 billion and Genentech announcing a breakthrough in brain cancer. Then, before the opening bell this morning Onyx Pharmaceuticals and Bayer won the expected Food and Drug Administration approval of their drug Nexavar for liver cancer.
Drug maker Bayer said Tuesday that it will delist its shares from the New York Stock Exchange this week, a move the company said would save it $21.2 million per year.
Stocks closed broadly lower at the end of a light-volume trading session as continued weakness in financial stocks brought down the major indexes. The Dow fell 56 points, closing near the lows of the trading session, while the S&P 500 and Nasdaq Composite ended with respective losses of 0.9% and 0.6%, respectively.
Onyx Pharamaceuticals shares rose sharply after its partner Bayer said results of a Phase 3 study showed that Nexavar significantly extended overall survival in patients with liver cancer by 44%.
Stocks recovered from earlier losses to close near the unchanged mark as investors took positions ahead of tomorrow's Fed meeting. "Investors are basically still cautious despite this big run and although we're very overbought, I think the fact that we could get this overbought is bullish in itself," said Bruce Bittles, chief investment strategist at Robert W. Baird.
Onyx Pharmaceuticals is up big for the second day in a row. The stock nearly doubled yesterday on astronomical volume of 56,000,000 shares and today as I write this it's up almost 8% with more than 18,000,000 shares changing hands. So, what's up besides the stock?
Stocks closed lower on Monday afternoon as investors took profits in financials, technology and energy, sectors that had been market leaders. The S&P 500, the Nasdaq, and the Dow Jones Industrial Average all closed just above their lows for the day.
Shares of Onyx Pharmaceuticals soared Monday after it and its partner Bayer reported positive results from the final trial of a treatment for advanced liver cancer, paving the way for approval of the drug.
The Eli Lilly-Icos joint venture reported that worldwide sales of their erectile dysfunction drug came to $971 million last year -- and is now on the cusp of becoming a billion-dollar blockbuster drug in 2007. We will find out how Viagra is doing when Pfizer reports earnings before the bell on Monday morning, but sales growth is expected to have picked up. These results represent a significant turnaround in a drug segment that some thought had already had its day.
If you’ve been extremely bored and somehow stumbled across my bio on the cnbc.com site, you’ll note that I have an extensive background in radio. Radio, as many have noted, has no pictures and is beautiful in its simplicity. TV, on the other hand, is nothing without pictures.
Stocks closed sharply higher on a big day for corporate mergers, but investors may turn their attention back to the economy on Tuesday.
Shares of Onyx Pharmaceuticals fell nearly 30% on Monday after data showed that its kidney cancer drug Nexavar did not work in patients with advanced skin cancer.