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Shares of Celgene Corporation (CELG) declined after the company announced that a phase III trial, REVOLVE, (CD-002) on pipeline candidate GED-0301 in Crohn's disease and the extension trial, SUSTAIN (CD-004) will be discontinued.
Celgene toppled to a four-month low Friday after it scrapped trials in Crohn's disease after a late-stage failure.
On another record day for the major benchmarks, shares of Skechers skyrocketed on earnings and Celgene tumbled after discontinuing a drug trial.
Shares of Celgene (CELG) plunged to the bottom of the S&P 500 today after the drug maker abandoned clinical trials testing its experimental drug Mongersen as a treatment for Crohn’s disease. The stock fell almost 10.8% to close at $121.33 on a day when the S&P 500 posted a 0.5% gain, making Celgene the worst-performing stock in the index. Mongersen was a high-profile drug in Celgene’s pipeline.
Stocks that moved substantially or traded heavily Friday: Celgene Corp., down $14.63 to $121.33 The drugmaker ended late-stage testing of a potential treatment for Crohn's disease. General Electric Co., ...
World stocks advanced, bond yields rose and the U.S. dollar strengthened on Friday on increased hopes President Donald Trump could make progress on his fiscal plans after the U.S. Senate approved a budget blueprint that paves the way for tax cuts. U.S. Republican Senator Rand Paul appeared to back the administration's sweeping tax cut plan, saying he was "all in" for massive tax cuts, even as the Senate passed a key budget measure without his support one day earlier.
Congress makes progress toward tax reform and Wall Street cheers. All major indexes secure new records heading into the weekend.
BioLineRx (BLRX) and partner Genentech initiate a phase Ib/II study to evaluate the company's lead pipeline candidate, BL-8040, in combination with Tecentriq for treating gastric cancer.
A disappointing late-stage trial failure is causing shares to tumble, but there's a lot going on at this company that could pan out for investors.
BMO Capital Markets’ M. Ian Somaiya takes a look at the biotech sector on Friday, writing that another strong quarter could help the stocks keep climbing. Somaiya writes that he expects solid results from ...
Stocks are rising after the Senate votes for a budget blueprint that paves the way for major tax cuts.
Celgene’s (CELG) efforts to reduce its dependence on the blood cancer drug Revlimid suffered a setback today when the drug maker Celgene said it would abandon testing mongersen, a big treatment for Crohn’s disease. The drug maker announced that it would stop two trials, and would not initiate a third study following a risk-benefit analysis by a data monitoring committee. Celgene says there were “no meaningful safety imbalances” identified in the committee’s analysis.
While Amgen's (AMGN) growth drugs like Prolia & Xgeva might continue to do well, biosimilar competition and slowdown in sales of mature products can put pressure on sales growth.
U.S. stocks inched higher on Friday as bank stocks rose and tech stocks recovered, with investor optimism back as Trump administration cleared a hurdle to lower taxes. Bank of America's 2 percent gain was the biggest boost to the S&P. Apple led the gains in the technology index as it rose 0.60 percent after falling 2.5 percent on Thursday.