HC Stocks Assessment- Celgene Corporation (CELG), Biogen Inc (BIIB)
Shares of Celgene Corporation (NASDAQ:CELG) ended Tuesday session in red amid volatile trading. The shares closed down -2.63 points or -2.52% at $101.64 with 3.43 million shares getting traded. Post opening the session at $103.60, the shares hit an intraday low of $101.02 and an intraday high of $103.88 and the price vacillated in this range throughout the day. The company has a market cap of $78.93 billion and the numbers of outstanding shares have been calculated to be 775.11 million shares.
Celgene Corporation (CELG) announced that the data from a randomized, double-blind, multicenter, exploratory phase Ib study evaluating the effects of oral GED-0301 (mongersen) on both endoscopic and clinical outcomes in patients with active Crohn’s disease were accepted as a late breaking abstract at the United European Gastroenterology Week. The data are to be presented on October 18, 2016 at 6:27 a.m. ET.
Celgene will hold a conference call for the investment community to discuss the data on October 18, 2016, at 9 a.m. ET. The conference call will be available by webcast at www.celgene.com. An audio replay of the call will be available from noon ET October 18, 2016, until midnight ET October 25, 2016. To access the replay in the U.S., dial (855) 859-2056; outside the U.S. dial (404) 537-3406. The participant passcode is 87802096.
GED-0301 (mongersen) is an investigational compound that is not approved for any use in any country.
Shares of Biogen Inc (NASDAQ:BIIB) ended Tuesday session in red amid volatile trading. The shares closed down -6.29 points or -2.07% at $298.30 with 1.49 million shares getting traded. Post opening the session at $304.13, the shares hit an intraday low of $296.32 and an intraday high of $304.52 and the price vacillated in this range throughout the day. The company has a market cap of $65.15 billion and the numbers of outstanding shares have been calculated to be 219.12 million shares.
Biogen Inc (BIIB) and Ionis (IONS) announced that Biogen has completed the rolling submission of a New Drug Application (NDA) to the U.S. Food and Drug Administration (FDA) for the approval of nusinersen, an investigational treatment for spinal muscular atrophy (SMA). Biogen has also applied for Priority Review which, if granted, would shorten the review period of nusinersen following the Agency’s acceptance of the NDA.
“Since announcing the positive results of the ENDEAR interim analysis in infantile-onset SMA last month, we have heard from many families expressing their excitement about nusinersen. Their stories continue to inspire us and they are in the forefront of our minds as we work to support the FDA’s review of nusinersen,” noted Alfred Sandrock, M.D., Ph.D., executive vice president and chief medical officer at Biogen. “We appreciate the FDA’s collaboration with us during the application process, and we look forward to continuing this productive dialogue, with the goal of rapidly bringing the first treatment for SMA to as many patients as possible.”