Biotech Stocks Experience Mixed Day Amidst Earnings and FDA News
The biotech sector was marked by a mixed performance on this particular day, with several top biotech companies experiencing significant price movements due to earnings and other news. Antigenics Inc. led the charge with a 3.4% gain, followed closely by Array BioPharma, Inc. which held up well despite a 33% gain the previous day. Genzyme Corporation reported earnings that beat estimates, while Gilead Sciences, Inc. saw a significant drop after lowering its 2010 sales outlook. Meanwhile, Human Genome Sciences, Inc. managed to mitigate losses after its Benlysta secondary endpoint was not met.
Key Takeaways:
- Antigenics Inc. gained 3.4% with its stock price reaching $1.21 on over 3 million shares, amidst an article published in Cleveland Live.
- Array BioPharma, Inc. held its ground, down only 4% at $3.86 on 1.8 million shares, despite a 33% gain the previous day.
- Genzyme Corporation's earnings exceeded estimates, with a 6% drop in revenues to $1.07 billion, and a $175 million consent decree disgorgement for its Allston plant woes.
- Gilead Sciences, Inc. saw a sharp decline of 9.75% at $40.66 on over 57 million shares, following lower 2010 sales outlook.
- Human Genome Sciences, Inc. traded down only 0.4% at $29.48, after its Benlysta secondary endpoint was not met.
Statistics:
- Antigenics Inc. stock price: $1.21 (up 3.4% on over 3 million shares)
- Array BioPharma, Inc. stock price: $3.86 (down 4% on 1.8 million shares)
- Genzyme Corporation revenues: $1.07 billion (down 6% from previous quarter)
- Gilead Sciences, Inc. stock price: $40.66 (down 9.75% on over 57 million shares)
- Human Genome Sciences, Inc. stock price: $29.48 (down 0.4% on the day)
Sources:
- Cleveland Live (for Antigenics Inc. news)
- Company reports and press releases (for other company news and statistics)