Alkermes shares closed at $17.40, up 4.3 percent, on the first day of the 30th Annual JPMorgan Healthcare Conference. The event is also known as the “Health Care Super Bowl.”
CEO Richard Pops said the FDA approval decision on the company’s once-weekly drug to treat Type II diabetes was expected Jan. 28.
“We’ve been through this twice before,” he said. “The third should be a charm.”
Pops said Alkermes benefited from a two-pronged approach. One part involves five products already approved by the FDA, while the other component involves “a whole new group of medicine in development.”
The diabetes drug, Bydureon, has already been approved for use in Europe. Alkermes partnered with Lilly and Amylin Pharmaceuticals on the drug.
The JPMorgan Healthcare Conference runs Jan. 9-12 in San Francisco.
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Trader disclosure: On Jan. 9, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders: Murphy is long M; Murphy is long CMI; Murphy is long CAT; Murphy is long TYC; Murphy is long SWK; Murphy is long KEX; Murphy is long CSX; Murphy is long BRCD; Adami owns (AGU); Adami owns (C); Adami owns (GS); Adami owns (INTC); Adami owns (MSFT); Adami owns (NUE); Adami owns (BTU)
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