Biotech Monday (CRIS, CGRB, EXEL, MNKD, PDLI, SQNM, TCM)

Curis Inc. (NASDAQ: CRIS) shares down 18% after development partner Wyeth terminated their contract that focused on cancer treatment developments. Shares are down $0.29 to $1.14. The 52 week range is $0.86 to $2.35.

Cougar Biotechnology, Inc. (NASDAQ: CGRB) down 23% to $17.75.

Exelixis (NASDAQ: EXEL) hit a new 5 year low this morning. Its down 7% to $5.38 on a 52 week low of $5.67 to $12.77.  No special reason for the downturn aside from a market wide lack of interest in developmental-stage drugs.

MannKind Corp. (NASDAQ: MNKD) downgrades and fears of ending inhaled insulin development lead to a new all-time low. Shares are down 18% at $4.52 in mid-day trading. The 52 week range is $5.25 to $15.99.

PDL BioPharma (NASDAQ: PDLI) fell another 8% after the recent drops after it canceled its sale last week.  Its shares hit lows of $10.12, another 52-week low.

Sequenom Inc. (NASDAQ: SQNM) down 17% on no new news. Shares are trading at  $5.47  with a  52 week range of $2.93 to $11.63.

Tongjitang Chinese Medicines Co. (NYSE: TCM) shares are up over 33% to $8.83 in mid-day trading on news that the CEO and another board director submitted a proposal to acquire all outstanding shares and take the company private. The 52 week range is $6.57 to $12.88.

Rachel Lopez
March 10, 2008