Genentech (DNA), the largest maker of cancer medicines in the world, reports earnings tomorrow after the bell. Despite strong sales of its lung cancer drug Avastin, Genetech's stock has been defective this year. What's the trade with biotech struggling so?
Before talking about Genentech, Dylan Ratigan explains that biotech company Dendreon (DNDN) took a big hit today.
Pete Najarian says that resulted from charges of insider trading received by the Board of Directors in the form of a letter, from a Dendreon stockholder.
In a related note, Pete says he doesn’t like Genentech. He prefers Biogen (BIIB) which he thinks has a much better pipeline.
He also likes Isis Pharmaceuticals (ISIS) for its diabetes drugs.
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Trader disclosure: On July 10th 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 (ATVI), (JWN); Najarian Owns (DNDN),Finerman's Firm And Finerman Own (HD), (NMX), (WMT), S&P Puts Bolling Owns (ICE), (NMX), (T), Gold, Silver, Natural Gas, Copper, Corn