Celgene Down After Pulling Plug on Crohn's Disease Drug Study -- Biotech Movers

 | Oct 20, 2017 | 9:26 AM EDT
  • Comment
  • Print Print
  • Print
Stock quotes in this article:

celg

,

onvo

,

rdhl

Shares of Celgene Corp. (CELG) were down 7.7% to $125.50 in premarket trading on Friday, Oct. 20, after the Summit, N.J.-based firm said Thursday that it was discontinuing the GED-0301 (mongersen) Phase 3 Revolve study in Crohn's disease and the extension trial.

Celgene made the decision following the recommendation of the data-monitoring committee, which evaluated the overall benefit/risk during a recent interim futility analysis. "There were no meaningful safety imbalances identified in the analysis," the company said.

Celgene also said that at this time the Phase 3 Define study in Crohn's disease will not be initiated.

"CELG discontinued GED-0301 and we expect stock to trade down -- though widespread buyside expectations were low on this program already," Jefferies LLC Michael J. Yee wrote in a Thursday note.

Yee added that Celgene's third-quarter results "become important next week" and he expects an increasing focus on potential M&A and other key Phase 3 assets. Celgene is scheduled to release its third-quarter numbers on Oct. 26.

Meanwhile, shares of Organovo Holdings Inc.  (ONVO) rose 12.9% to $1.58 after the San Diego firm presented preclinical data that show survival and sustained functionality of its 3D bioprinted human liver tissue when implanted into diseased animal models.

In other news, RedHill Biopharma Ltd. (RDHL) said the U.S. Food and Drug Administration has given orphan drug designation to Mesupron (upamostat) for the adjuvant treatment of pancreatic cancer. The company's American depositary receipts were up 8.8% to $9.55.

Columnist Conversations

In GS I see key price support at the 224.49-226.42 area.  I also have timing for a possible low.  I ...
Tesla (TSLA) has tested our long-term bounce zone @ 283.90-258.95 a few times. These have been BUYING opportun...
We have a big winner here, let's roll it up to a higher strike   SOLD SRPT NOV 140 CALL AT 26 (in ...
We still like this name and want to give it more time. SOLD AAPL OCT 220 CALL AT 6.9 (in at 10) BOUGHT A...

BEST IDEAS

REAL MONEY'S BEST IDEAS

News Breaks

Powered by

COLUMNIST TWEETS

Except as otherwise indicated, quotes are delayed. Quotes delayed at least 20 minutes for all exchanges. Market Data & Company fundamental data provided by FactSet. Earnings and ratings provided by Zacks. Mutual fund data provided by Valueline. ETF data provided by Lipper. Powered and implemented by FactSet Digital Solutions Group.


TheStreet Ratings updates stock ratings daily. However, if no rating change occurs, the data on this page does not update. The data does update after 90 days if no rating change occurs within that time period.

FactSet calculates the Market Cap for the basic symbol to include common shares only. Year-to-date mutual fund returns are calculated on a monthly basis by Value Line and posted mid-month.