The vast majority of biotech stocks (over 1M volume) joined a broad market decline on Friday as gainers exceeded losers. Peregrine Pharmaceuticals (NASDAQ:PPHM) rose the most in the industry, gaining 12.77% on Friday to score the second rally in a row.
DARA Biosciences Inc (NASDAQ:DARA) made a strong move and turned green on Friday, ending the day up 8.57% to close at its best since October.
Inovio Pharmaceuticals, Inc. (NYSEAMEX:INO) rallied 8.40% following Maxim Group launched coverage with a “buy” rating and a $1.00 price target on the stock. The company’s CEO Dr. J. Joseph Kim is set to present an overview at the 15th Annual BIO CEO and Investor Conference to be held on February 11-12 at the Waldorf Astoria in New York City.[article_detail_ad_1]
Sunesis Pharmaceuticals, Inc. (NASDAQ:SNSS) continued to gain after Huge investment firm Blackrock’s form SC 13G filing revealed a purchase of a much larger stake in Sunesis.
Alexion Pharmaceuticals, Inc. (NASDAQ:ALXN) advanced 4.13% after the company said that Governor Chafee tax plan endangers growth.
Medivation, Inc. (NASDAQ:MDVN) traded 3.92% higher after Astellas Pharma reported $57 million in net quarterly sales of XTANDI (enzalutamide) capsules in the U.S.
Questcor Pharmaceuticals, Inc. (NASDAQ:QCOR) rose 3.61% to $26.40. The company has recently given a laboratory research grant to an internationally recognized physician-scientist at Southern Illinois University School of Medicine in Springfield.
Rexahn Pharmaceuticals, Inc. (NYSEAMEX:RNN) surged 3.13% to $0.330 and Biogen Idec Inc. (NASDAQ:BIIB) reached new high after RBC Capital analysts reaffirmed their outperform rating on the stock.
Gilead Sciences, Inc. (NASDAQ:GILD) added 2.81%, reaching its best since IPO ahead of its earnings release late Monday. Analysts predict strong earnings from the company.
VIVUS, Inc. (NASDAQ:VVUS) increased 2.64% on better qsymia study results.
Celgene Corporation (NASDAQ:CELG) hit new high after Acceleron Pharma, Inc. launched a phase II study of its investigational protein therapeutic, ACE-536.
Theravance Inc (NASDAQ:THRX) extended gains after Foresite Capital, established in San Francisco in 2011 by THRX founder and former CEO Jim Tananbaum, lifted $100M to invest in late-stage healthcare companies.
BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) topped past 52-week high after UBS AG, which has a buy rating on the stock, raised its PT from $53.00 to $67.00.
Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) edged up after declaring that the Health Service Executive in the Republic of Ireland will fund Kalydeco.
Seattle Genetics, Inc. (NASDAQ:SGEN) closed in green after winning a conditional marketing approval in Canada for the treatment of relapsed or refractory Hodgkin lymphoma and systemic anaplastic large cell lymphoma.
Elsewhere in the industry, Exelixis, Inc. (NASDAQ:EXEL), Illumina, Inc. (NASDAQ:ILMN), Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) and Dendreon Corporation (NASDAQ:DNDN) were up above 1% while Athersys, Inc. (NASDAQ:ATHX), InterMune, Inc. (NASDAQ:ITMN), Incyte Corporation (NASDAQ:INCY), Sequenom, Inc. (NASDAQ:SQNM) and Ariad Pharmaceuticals, Inc. (NASDAQ:ARIA) closed higher in a range of 0-1%.
Surprisingly, Cell Therapeutics Inc (NASDAQ:CTIC), Hemispherx BioPharma, Inc (NYSEAMEX:HEB) and PDL BioPharma Inc. (NASDAQ:PDLI) ended the day showing almost no change.
On the flip side, Arca Biopharma Inc (NASDAQ:ABIO) led decliners on Friday, retreating from a rally it marked after revealing new plans for a Phase III Trial.
Celsion Corporation (NASDAQ:CLSN) tumbled 12.58%, facing new low as shares collapsed more than 80% after the company declared that ThermoDox was unable to meet targets in a phase 3 trial referred to as the HEAT study.
Halozyme Therapeutics, Inc. (NASDAQ:HALO) was down after Wedbush analyst Gregory Wade downgraded the stock to neutral from outperform.
ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) closed in negative territory amid a purchase of Delta Medical Center.
Zalicus Inc (NASDAQ:ZLCS), MannKind Corporation (NASDAQ:MNKD) and Amicus Therapeutics, Inc. (NASDAQ:FOLD) each lost more than 1% while Inc (NASDAQ:REGN) and NPS Pharmaceuticals, Inc. (NASDAQ:NPSP) both inched down.