One of Thursday's hardest-hit stocks was Dendreon, maker of the prostate cancer vaccine Provenge, which plunged 67% after reporting disappointing results. But, weirdly, Debdreon's disease seemed to infect the entire sector, dragging down companies with proven drugs. Are biotechs bargains right now?
At the 52nd annual meeting of the American Society of Hematology, which wraps up Tuesday, Novartis, Celgene and Seattle Genetics revealed the latest news from their studies on blood diseases and cancers. But despite some positive results, all three had down days in the stock market.
A proposed Hodgkin's lymphoma treatment returned positive test results in a clinical trial, according to drugmaker Seattle Genetics Inc. (SGEN), which seeks to file the drug for approval with the U.S. Food and Drug Administration next year.