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Part 2 - The Word On Biotech Winners

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The headline: The Winners Out of The ASCO Medical Conference Which Is Underway In Chicago

The word: CNBC’s Pharmaceutical Reporter Mike Huckman joins the guys from ASCO in Chicago.

Mike says the winner out of the conference is Onyx Pharmaceuticals(ONXX) because the company came out with data showing its kidney cancer drug extended the lives of cancer patients by nearly 3 months.

Pete Najarian says the options activity on ONXX suggest to him that there’s more upside.



Mike adds both Genentech (DNA) and Imclone (IMCL) reported mixed results and both stocks sold-off. He adds Celgene (CELG) reported great results on its blood cancer drug, but that stock didn’t do much today.

Pete Najairan suggests that’s because CELG trades at 220 times earnings.

Dylan asks about today’s protest involving Dendreon?

Mike explains patients protested the FDA's decision to postpone Dendreon Corp.'s (DNDN) prostate cancer drug Provenge. Last month, the FDA requested more clinical data on the drug, sending Dendreon shares into freefall. The Seattle biotech's shares lost 64.3% of their value on May 9 after the agency requested the details.

Symbol
Price
 
Change
%Change
FNGN
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ONXX
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Trader disclosure: On June 1, 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders: Najarian Owns (AAPL), (DNDN), (HOT), (MAR), (ONXX); Bolling Owns (ICE), (DIS), (T), (NMX), Sugar, Natural Gas Futures, Bolling Has Closed Out Of His Coffee Trade: CNBC Is A Service Of NBC Universal And Dow Jones