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Molecular Insight Jumps As Market Meets Overhaul Plan With Mixed Reviews

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By M.E.Garza   
Wednesday, 17 June 2009 12:15

After the Obama administration unveiled its plans for a major regulatory revamp, stocks settled in to a mixed finish for the day. The plan, which gives increased power to the Federal Reserve and creates a new national regulator for financial firms was met with skepticism from traders, who doubt whether the effort will strike the right balance between curbing the excesses and boosting profits.

In the health care sector, stocks were definitely more animated than they were yesterday.
Molecular Insight Pharmaceuticals (NASDAQ:MIPI) shares soared Wednesday to $6.24 +1.85 (42.14%), after the company presented clinical data on its diagnostic agent Trofex which showed the potential to rapidly detect prostate cancer in soft tissues and bone within 1 to 2 hours after injection. Trofex targets a special protein released by prostate tumor cells, allowing imaging that detects lesions otherwise missed by conventional imaging techniques. More than 2.5 million American men suffer from prostate cancer, with 200,000 new cases diagnosed each year and 30,000 deaths annually.

Savient Pharmaceuticals Inc's (NASDAQ:SVNT) experimental gout drug is safe and effective for certain patients with the debilitating joint disorder and should be approved, a U.S. advisory panel recommended. The advisory panel voted 14 to 1 in favor of U.S. Food and Drug Administration approval of Krystexxa, Savient said in a news release after U.S. markets closed yesterday. The target date for the FDA to decide whether to grant market clearance for the gout drug is Aug. 1, Savient said in the statement. Savient shares are up 12.61 +3.34 (36.03%) after the panel's recommendation. Roughly 5 million Americans have gout, in which uric acid build-up can cause swollen joints. Of those, about 40,000 to 60,000 see no improvement with other therapies, Savient said.

ChemGenex Pharmaceuticals Ltd., $15.51  +2.51 (19.31%)-- The Australian drugmaker, said earlier this month that thier experimental leukemia drug killed stem cells that cause the disease in laboratory experiments, suggesting it could be used to help cure some patients. The open label Phase 2/3 study (CGX-635-CML-202) investigated the use of omacetaxine, administered subcutaneously in CML patients who had failed imatinib and who have the highly drug resistant T315I kinase domain mutation. This is a little known stock whose price moves significantly on little volume. Thos interested in learning more about this company and it's promising drug can wtch the Chemgenex investor presentation-- including a very interesting teleconference with questions from analyst and investors.: http://www.chemgenex.com/wt/uber/webcast_1

Antigenics, Inc.(Public, NASDAQ:AGEN) announced that GlaxoSmithKline has launched a Phase 3 study of a malaria vaccine which contains Antigenics' QS-21 component. This marks the 15th vaccine under clinical trial containing QS-21. If GlaxoSmithKline's study produces positive results as is expected, the vaccine could be submitted to regulators for review by 2011, could be introduced for children by 2012, and could have full availability by 2014, potentially saving hundreds of thousands of lives a year. Antigenics shares gained over 6.9% in Wednesday trading to $2.06.

Novavax, Inc.(NASDAQ:NVAX), whose shares had been climbing recently, lost 8.9% to $2.33 -0.23 as day traders began to worry that Novavax may not be the "winner" in the race for a big flu-vaccine contract after all. Other companies like Baxter International Inc.(NYSE:BAX) the Chinese Sinovac Biotech Ltd.(Public, AMEX:SVA) are in the race and Novartis (NYSE:NVS), GlaxoSmithKline plc (NYSE:GSK) and Sanofi-Aventis (NYSE:SNY) all have contracts in case of a huge outbreak in the Unites States. Meanwhile, investors feel that the company's price per share will go up at some point since the technology  NVAX uses is safer, less expensive, and scalable. .

Other Movers This Wednesday:


Gainers (% price change)
Last Trade Change Mkt Cap
Molecular Insight MIPI 6.24 +1.85 (42.14%) 157.48M
Savient Pharmaceuticals SVNT 12.61 +3.34 (36.03%) 766.84M
ChemGenex Pharmaceuticals CXSP 15.51 +2.51 (19.31%) 247.86M
BioMimetic Therapeutics BMTI 9.78 +0.83 (9.27%) 192.52M
RehabCare Group, Inc. RHB 22.04 +1.79 (8.84%) 405.59M

Losers (% price change)
Novavax, Inc. NVAX 2.33 -0.23 (-8.98%) 201.59M
Brookdale Senior Living BKD 9.96 -0.83 (-7.69%) 1.01B
AEterna Zentaris Inc AEZS 2.17 -0.18 (-7.66%) 115.42M
Cytori Therapeutics Inc CYTX 3.55 -0.29 (-7.55%) 121.02M
Hemispherx BioPharma, Inc HEB 2.42 -0.19 (-7.28%) 206.01M

Most Actives (dollar volume)
Pfizer Inc. PFE 14.58 +0.42 (2.97%) 98.39B
Schering-Plough Corp. SGP 23.19 +0.28 (1.22%) 37.76B
Johnson & Johnson JNJ 55.20 +0.58 (1.06%) 152.11B
Merck & Co., Inc. MRK 24.77 +0.34 (1.39%) 52.23B
Amgen, Inc. AMGN 52.81 +1.60 (3.12%) 53.46B




BiomedReports is not paid or compensated to report news and developments about publicly traded companies. Full disclosure can be read in the About Us Section

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