By Val Brickates Kennedy
Drug stocks advanced in early action Tuesday as shares of
Antigenics Inc. (AGEN) rocketed for the second session, following
the release of positive data earlier this week for its kidney
cancer therapy Oncophage.
The Amex Pharmaceutical Index (DRG) was up marginally at 258.71
and the Amex Biotechnology Index (BTK) climbed 1% to 660.84.
The Dow Jones Industrial Average was up about 37 points at
8758.
Shares of Antigenics motored up 40% to $1.21 in early action.
The stock climbed almost 20% on Monday.
Early Monday, Antigenics said an analysis of Oncophage data
showed the product helped certain kidney-cancer patients live
appreciably longer. Oncophage is currently approved only in Russia.
The company has also filed for approval in the European Union.
Also gaining were shares of Clinical Data (CLDA), up about 7% at
$14.91.
The drug developer reported positive late-stage data for its new
treatment for major depression, vilazodone. The company also said
the drug did not appear to impair sexual function, a common
negative side effect with many antidepressants.
Meanwhile, most foreign drugmakers saw their U.S.-traded shares
ease, echoing their performances on the European market stage
earlier in the day.
Falling at least 1% were AstraZeneca PLC (AZN), Novartis AG
(NVS) and Dr. Reddy's Laboratories (RDY).
- Val Brickates Kennedy; 415-439-6400;
AskNewswires@dowjones.com