Biotech stocks declined yesterday as the number of losers in the industry surpassed gainers. Despite trading near 52-week high, Celsion Corporation (NASDAQ:CLSN) was the biggest decliner among biotech stocks. Roth Capital reaffirmed its “buy” rating on the stock. In other news, the company was suggested to keep a close eye on the amount of cash it spends.
Zalicus Inc (NASDAQ:ZLCS) tumbled 10%, maybe on a Seeking Alpha article questioning management’s motives.[article_detail_ad_1]
ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) plunged 7.23% after it was ranked lowest with a Debt-to-Capital ratio by mysmartrend.
Amicus Therapeutics, Inc. (NASDAQ:FOLD) lost 5.29% and ZIO PHARM Oncology Inc. (NASDAQ:ZIOP) decreased 3.85% after Portfolio Grader downgraded these stocks from C to a D rating.
Onyx Pharmaceuticals, Inc. (NASDAQ:ONXX) fell 4.97% on a plan to offer 4.4 million shares.
Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) extended three-day losing streak after promoting Joseph Turgeon to SVP, Chief Commercial Officer. More recently, Credit Suisse began coverage on the stock with a Neutral rating and a $15.00 price target.
Cell Therapeutics Inc (NASDAQ:CTIC) was down after disclosing a plan to provide a live audio and slide webcast of its analyst and investor meeting to be held on January 23 in New York.
Nektar Therapeutics (NASDAQ:NKTR) turned red, ending rally it made after Lazard Capital initiated the drug developer with a Buy rating and a price target of $15.
Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) lost gaining momentum after The Street published an article titled “If Hedge Funds Are Interested in Arena Pharma, It’s On The Short Side”.
Lexicon Pharmaceuticals, Inc. (NASDAQ:LXRX), Incyte Corporation (NASDAQ:INCY) and Sarepta Therapeutics Inc (NASDAQ:SRPT) all three failed to extend gains they saw on Tuesday and each fell more than 3%.
Despite hitting near high on Wednesday, BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) dropped 2.68%, followed by Questcor Pharmaceuticals, Inc. (NASDAQ:QCOR) and Illumina, Inc. (NASDAQ:ILMN).
Amgen, Inc. (NASDAQ:AMGN) faced a fall after comments.
Celgene Corporation (NASDAQ:CELG) and Ariad Pharmaceuticals, Inc. (NASDAQ:ARIA) edged down after their outperform rating was reiterated at Robert W. Baird and RBC Capital, respectively.
More on the flip side were VIVUS, Inc. (NASDAQ:VVUS), Santarus, Inc. (NASDAQ:SNTS), Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX), Peregrine Pharmaceuticals (NASDAQ:PPHM), Seattle Genetics, Inc. (NASDAQ:SGEN) and Gilead Sciences, Inc. (NASDAQ:GILD).
On the upside, Alnylam Pharmaceuticals, Inc. (NASDAQ:ALNY) gained the most, hitting new high to end the day up about 10% after pricing public offering of common stock.
InterMune, Inc. (NASDAQ:ITMN) jumped 3.39% after UBS analyst Matthew Harrison upgraded the stock to “Buy” from “Neutral” and lifted its price target to $15 from $9.
Dendreon Corporation (NASDAQ:DNDN) advanced 2.78% as the company is reportedly one of the most discussed biotech companies in the world.
Aastrom Biosciences, Inc. (NASDAQ:ASTM), NuPathe Inc (NASDAQ:PATH) and MannKind Corporation (NASDAQ:MNKD) each rose over 1%.
PDL BioPharma Inc. (NASDAQ:PDLI) and YM BioSciences Inc. (USA) (NYSEAMEX:YMI) increased 0.42% and 0.34%, respectively.
Surprisingly, CEL-SCI Corporation (NYSEAMEX:CVM) and Inovio Pharmaceuticals, Inc. (NYSEAMEX:INO) ended with no change on Wednesday.