A pause in the volatile markets as Progenics Pharmaceuticals trades higher Print E-mail
By M.E.Garza   
Friday, 19 August 2011 11:59
Stocks edged higher in early trading on Friday, with rising commodity prices and the S&P 500 index finding technical support. A few healthcare stocks saw minor gains after major indices opened lower but quickly turned higher, reflecting the volatility that has rocked market action in the past weeks.
Earlier this week, the market took a pause after the wild swings of the previous week. Economic and corporate news then was more encouraging, including a batch of merger announcements on Monday. Friday's pause seemed to be the result of exhaustion.

"People decided to throw their hands up and go to the beach," said Kim Caughey Forrest, senior equity analyst with Fort Pitt Capital Group in Pittsburgh told the Associated Press.

In the healthcare sector,shares of Progenics Pharmaceuticals (NASDAQ:PGNX) are trading higher after the company reported earlier that net income for the second quarter ended June 30, 2011 was $55.49 million, or $1.64 per share, compared to a net loss of $15.24 million, or $0.47 per share, for the same quarter ended June 30, 2010.

A look at our in-depth World-Wide Regulatory and FDA Trade Catalyst Calendar shows an upcoming milestone involving Progenics' 700-patient, international, randomized, double-blind, placebo-controlled Phase III trial to evaluate the safety and efficacy of oral methylnaltrexone to treat opioid-induced constipation in non-malignant pain patients. RELISTOR (methylnaltrexone bromide) is a subcutaneous injection (OIC) already approved for sale in over 40 countries worldwide.

In the area of prostate cancer, Progenics is conducting a Phase I clinical trial of a fully human monoclonal antibody-drug conjugate (ADC) directed against prostate specific membrane antigen (PSMA). In the area of virology, the Company is developing a viral-entry inhibitor (a humanized monoclonal antibody), PRO 140, for infection due to human immunodeficiency virus (HIV) that causes acquired immunodeficiency syndrome (AIDS).

Gainers (% price change) Last Trade Change Mkt Cap
Progenics Pharmaceuticals PGNX 6.40 +0.50 (8.47%) 214.67M
Seattle Genetics, Inc. SGEN 14.99 +1.04 (7.46%) 1.72B
Amicus Therapeutics, Inc. FOLD 4.00 +0.20 (5.26%) 138.06M
Affymax, Inc. AFFY 4.52 +0.22 (5.00%) 159.94M
Idenix Pharmaceuticals IDIX 4.88 +0.23 (4.95%) 468.46M
Losers (% price change)
Amarin Corp. plc (ADR) AMRN 10.11 -0.98 (-8.84%) 1.29B
Kensey Nash Corporation KNSY 27.02 -1.93 (-6.67%) 230.47M
Inhibitex, Inc. INHX 3.31 -0.20 (-5.70%) 252.00M
Capital Senior Living CSU 6.00 -0.36 (-5.66%) 165.27M
Dynavax Tech. Corp. DVAX 2.12 -0.10 (-4.50%) 248.17M
Most Actives (dollar volume)
Johnson & Johnson JNJ 63.27 +0.11 (0.17%) 173.43B
Pfizer Inc. PFE 17.71 +0.00 (0.00%) 139.93B
Merck & Co., Inc. MRK 31.31 +0.25 (0.80%) 96.64B
Amgen, Inc. AMGN 51.98 +0.54 (1.05%) 48.03B
Abbott Laboratories ABT 49.25 +0.38 (0.78%) 76.66B

 




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