We are seeing unusual trading activity so far this morning in shares of Dendreon Corp. (NASDAQ: DNDN), Genentech, Inc. (NYSE: DNA), Genzyme Corp. (NASDAQ: GENZ), and PDL BioPharma, Inc. (Nasdaq: PDLI).
Dendreon Corp. (NASDAQ: DNDN) is seeing a steady flow of buying this morning considering that it looked as though it was being forgotten about. The stock is up over 5% on pre-market trading. It was noted in TheStreet.com briefly but there is also talk about its FDA conversations that may be putting in a bid on the shares. This is all after it has been hitting 52-week lows. This is also some slightly increased stock options volume activity yesterday.
Genentech, Inc. (NYSE: DNA) is trying to catch a bid this morning. This is on the heels of its meeting to woo shareholders away from tendering shares to Roche in the reduced buytout offering price. Genentech is still trying to hold out for more money here. Shares are up 0.5% at $82.05, and that is after trading as high as $85.40 briefly on Monday.
Genzyme (NASDAQ: GENZ) is trading down almost 6% at $53.20 on an FDA Action. The FDA has said it needs additional data and conditions on the Lumizyme approval for the treatment of Pompe disease. This was down as much as 11% on the news last night.
PDL BioPharma (Nasdaq: PDLI) is trading up 7% pre-market on very thin volume, but shares had been up 10% last night. The oncology and immunology biotech posted $0.26 EPS vs. $0.08 estimates; Revenues were $68.7 vs. $59.8 million estimates. It also plans to offer two $0.50 dividends to holders.
JON C. OGG
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