Healthcare Review: Celgene Corporation, Synta Pharmaceuticals, Celsion, Transition Therapeutics Print E-mail
By Staff and Wire Reports   
Thursday, 18 July 2013 14:08
U.S. stocks rose, sending the Standard & Poor’s 500 Index to an intraday record, amid better-than-forecast earnings and data on jobless claims and Philadelphia-area manufacturing that bolstered optimism in the economy. Treasuries retreated while the dollar rose. Fed Chairman Ben S. Bernanke spoke to lawmakers in the Senate today as investors assess the outlook for the Fed’s $85 billion-a-month bond-buying program, which capped increases in borrowing costs and stoked a 33 percent jump in global equities in the past three years. Stocks rallied yesterday as Bernanke told a House committee that there was no preset course for the central bank’s asset purchases, tempering speculation that the central bank would begin to taper stimulus as early as September.

Celgene Corporation (NASDAQ:CELG) shares declined 3.65% to $131.62. The company on July 18 said it will discontinue treatment with Revlimid in a Phase 3 trial of elderly patients with B-cell chronic lymphocytic leukemia, saying an "imbalance" was observed in the number of deaths in patients treated with Revlimid versus patients treated with chlorambucil.

The study was designed to evaluate the efficacy and safety of Revlimid versus chlorambucil as single agent in elderly patients with B-cell chronic lymphocytic leukemia and with comorbidities that precluded treatment with more aggressive standard chemo-immunotherapies.

Synta Pharmaceuticals Corp. (NASDAQ:SNTA) shares declined 2.99% to $5.85. SNTA’s stock was upgraded by research analysts at JMP Securities from a “market perform” rating to an “outperform” rating in a report released on July 17. The firm currently has a $11.00 price target on the stock. JMP Securities’ target price suggests a potential upside of 96.78% from the stock’s previous close.

Celsion Corporation (NASDAQ:CLSN) shares jumped 5.49% to $1.19. The company on July 11 announced that Ronnie T.P. Poon, MD, MS, PhD, FRCS(Edin), FACS, Professor of Surgery at the University of Hong Kongand Lead Asia Pacific Principal Investigator for Celsion's Phase III HEAT Study of ThermoDox® in hepatocellular carcinoma (HCC) will present the clinical trial results at the International Liver Cancer Association 7th Annual Conference being held September 13-15, 2013in Washington D.C. 

Transition Therapeutics Inc. (USA) (NASDAQ:TTHI) shares surged 37.82% to $4.15. The company on July 17 announced that the US Food and Drug Administration (FDA) has granted Fast Track Designation to the development program for ELND005 which was submitted for the treatment of Neuropsychiatric Symptoms (NPS) in Alzheimer's disease (AD). The FDA concluded that the development program for ELND005 for the treatment of NPS in AD meets their criteria for Fast Track Designation.


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