Drug Pipeline Picking Up
There’s a ton of Big Pharma and Biotech news coming out. And most of it reinforces the call from the Fast Money traders to buy these stocks heading into the end of this year.
CNBC Pharma Reporter Mike Huckman joins the guys to help sort through the headlines. Here are highlights from what was said.
- An FDA panel rejected new restrictions on a new anemia drug from Amgen (AMGN), for kidney dialysis patients. Amgen surged 6% on the news. Karen Finerman adds that dialysis-provider DaVita (DVA) jumped 4% on the headline
- Imclone (IMCL) surged 18% after a study suggested that Erbitux prolonged the lives of lung cancer patients. However it’s not clear how much longer the patients survived. The news hurt Genetech (DNA) because they also have two lung cancer drugs in the pipeline.
- Arena (ARNA) says its obesity pill doesn't appear to cause Fen-Phen-like heart damage. Mike adds that Arena traded lower after trading higher initially. Pete Najarian recommends selling this stock into the rally.
- Sepracor (SEPR) shares jumped on its plan for GlaxoSmithKline (GSK) to market Lunesta outside of North America.
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Trader disclosure: On Sept. 11, 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Macke Owns (INTC); Najarian Owns (BJS); Najarian Is Short (GS); Pete Najarian Is The Co-Founder Of optionmonster.com, Finerman's Firm Owns (CMVT), (DVA), (JNJ), (KFT), Finerman's Firm Owns S&P 500 Puts And Calls; Finerman's Firm Owns Russell 2000 Puts; Finerman's Firm And Finerman Own (FTWR), (HD)