>Am assuming it is due to La Jolla putting their lupus nephritis trial on hold.
beautiful, harold. that and results from an experimental psoriasis drug.
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Biogen Shares Rally Amid Optimism for New Drugs, Analysts Say
Cambridge, Massachusetts, May 13 (Bloomberg) -- Biogen shares soared as much as 15 percent amid hopes for the success of two experimental drugs being developed by the biotechnology company, maker of the No. 1 selling multiple-sclerosis treatment.
Biogen shares rose 12 3/4 to 108 7/8 in early afternoon trading of 3.3 million shares, double the three-month daily average. Earlier shares traded as high as 110 7/16. The rally was the stock's largest one-day percentage rise in five years.
Shares in the Cambridge, Massachusetts-based company soared after La Jolla Pharmaceutical Co. yesterday reported that a late-stage trial of its experimental drug for the inflammatory disorder lupus failed to show that the compound works. Biogen is working on another lupus drug that was behind La Jolla's in the development process.
Biogen is also expected to release data from a study of an experimental psoriasis drug within the next six weeks, said Carol Werther, a biotechnology analyst with Adams, Harkness & Hill. ''They've been quite enthusiastic'' about the psoriasis drug, Werther said. ''The data isn't known yet, but it will be in the next six weeks.'' |
