Market/Sector Trends
11/2/2009 11:38 AM ET
(RTTNews) -
After showing a strong upward move at the open, biotechnology stocks are continuing to see notable strength in late morning trading on Monday.
The NYSE Arca Biotechnology Index is near its best level of the day, up by 4.5 percent. With the gain, the index has partly offset its recent losses, bouncing off of Friday's three month closing low.
Human Genome Sciences (HGSI) is leading the sector higher, with the stock surging up by 35.5 percent. The advance has lifted shares to their best intraday level in nearly eight years.
The gain by Human Genome comes after the firm announced that its lupus treatment Benlysta met the primary endpoint in the second of two Phase 3 trials.
The firm stated that the trial, known as BLISS-76, confirms its view that Benlysta has the potential to become the first new approved drug in decades for people living with systemic lupus. The company plans to submit marketing applications in the first half of 2010.
Vertex Pharmaceuticals (VRTX) and Amylin Pharmaceuticals (AMLN) are also posting strong gains, rising by 14.4 percent and 13.8 percent, respectively. Vertex has shot up to its best intraday level in two years, while Amylin is bouncing off of Friday's five month closing low.
The gain by Vertex comes following news that that more than 80% of hepatitis C patients in each arm of the Phase 2 Study C208 achieved a sustained viral response with a telaprevir-based regimen, exceeding expectations.
Further, Amylin is up after the firm and Japan's Takeda Pharmaceutical Co. Ltd. announced a worldwide exclusive license agreement to co-develop and commercialize pharmaceutical products for the treatment of obesity and related indications.
Under the deal, San Diego, California-based biopharmaceutical company Amylin will receive a one-time up-front payment of $75 million from Osaka, Japan-based Takeda.
Over the term of the agreement and in relation to the compounds under the agreement, Amylin is eligible to receive additional payments upon achieving certain development, commercialization and sales-based milestones that could exceed $1 billion.
Sequenom (SQNM), InterMune (ITMN), Illumina (ILMN), Biogen Idec (BIIB) are also on the rise, among a number of others in the sector, while Alexion Pharmaceuticals (ALXN) and Affymetrix (AFFX) are bucking the uptrend, posting modest losses.
by RTT Staff Writer
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