In corporate news, Cell Therapeutics Inc (NASDAQ:CTIC) led biotech gainers on Tuesday after it launched clinical trial sites and started enrolling patients in a Phase 3 clinical trial, known as PERSIST-1 or PAC325, for pacritinib.

Threshold Pharmaceuticals, Inc. (NASDAQ:THLD) skyrocketed after a report claimed the company is testing new drugs to defeat hypoxia in tumors.

Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) got a boost yesterday after President and CEO Jack Lief said the company is seeking partners to sell its weight-loss drug Belviq abroad once it clears regulatory hurdles.

Celgene Corporation (NASDAQ:CELG) jumped to new high on 2013 financial forecast and preliminary 2012 results.

Achillion Pharmaceuticals, Inc. (NASDAQ:ACHN) surged 5.60% a day after it announced completion of enrollment in Phase IIa hepatitis C trial.

Incyte Corporation (NASDAQ:INCY) advanced after its presentation at the JPMorgan Healthcare Conference revealed plans to focus on getting physicians to prescribe Jakafi earlier in the disease progression process and that it seeks more support about just how safe and effective the drug is.

Amicus Therapeutics, Inc. (NASDAQ:FOLD) added 5% after providing its full-year 2013 strategic outlook and financial guidance.

Ariad Pharmaceuticals, Inc. (NASDAQ:ARIA) increased 4% after a report that the company is teaming up with the U.K. National Cancer Research Institute for a phase 3 trial, named SPIRIT, to assess the impact of switching chronic myeloid leukemia patients treated with a first-line tyrosine kinase inhibitor to Ponatinib.

Illumina, Inc. (NASDAQ:ILMN) gained $1.5 after declaring a series of product and technology innovations for its powerful sequencing ecosystem.

Savient Pharmaceuticals, Inc. (NASDAQ:SVNT) was up after David Meeker , M.D., President and Chief Executive Officer of Genzyme, a Sanofi Company, was elected to Savient’s Board of Directors, effective January 7, 2013.

Gilead Sciences, Inc. (NASDAQ:GILD) hit new 52-week high after signing antibody development deal with MacroGenics.

Some other positive hot stocks in the biotechnology industry were Biosante Pharmaceuticals Inc (NASDAQ:BPAX), Questcor Pharmaceuticals, Inc. (NASDAQ:QCOR), MannKind Corporation (NASDAQ:MNKD) and Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX).

On the flip side, Neostem Inc. (NYSEAMEX:NBS) was among the biggest losers following an announcement that Hackensack University Medical Center renewed its engagement of Progenitor Cell Therapy’s services for processing and storage of a variety of cell types used therapeutically by the hospital.

NuPathe Inc (NASDAQ:PATH) turned red on Tuesday.

Dendreon Corporation (NASDAQ:DNDN) continued to decline after announcing preliminary fourth quarter 2012 revenues.

Sequenom, Inc. (NASDAQ:SQNM) was down after Illumina acquired rival.

Peregrine Pharmaceuticals (NASDAQ:PPHM) retreated after earningforecast issued consensus earnings forecast report on the company.

Infinity Pharmaceuticals Inc. (NASDAQ:INFI) plunged after predicting net loss bewteen $115 Mln and $125 Mln for 2013.

VIVUS, Inc. (NASDAQ:VVUS) was down after unusual trading activity was linked to a possible insider trade.

Regeneron Pharmaceuticals Inc (NASDAQ:REGN) lost $5.9 after reporting lower-than-expected sales for its eye drug Eylea.

Complete Genomics, Inc. (NASDAQ:GNOM) decreased after rumors that Illumina (NASDAQ:ILMN) has withdrawn its bid to takeover GNOM.

Biogen Idec Inc. (NASDAQ:BIIB) edged down yesterday as it needs strong BG-12 launch to maintain momentum.

More on the flip side included Rexahn Pharmaceuticals, Inc. (NYSEAMEX:RNN), Hemispherx BioPharma, Inc (NYSEAMEX:HEB), Amgen, Inc. (NASDAQ:AMGN) and Celsion Corporation (NASDAQ:CLSN).