A.S.C.O. mixed for biotechs IMCL, DNA, ONXX, AMGN, and CELG - FBR
Friedman, Billings, Ramsey states that this years A.S.C.O. has been mixed for biotech. ImClone's (IMCL) Erbitux has positive buzz in colorectal, lung, and head and neck cancers. Genentech (DNA) and Onyx (ONXX) are having a rough time due to pharma competitors. Firm thought Amgen's (AMGN) data on denosumab in bone metastases were disappointing. Firm believes that IMCL is ahead of the field and that its Erbitux first-line data in colorectal has created some buzz. Firm believes that DNA may be getting pressured on buzz from Glaxo's Tykerb. Tykerb's strong efficacy in second-line breast cancer and potential to work. Firm states that CELG's Thalomid and Revlimid are concidered as the current and future, respectively, first-line myeloma drugs of choice. For AMGN, firm believes that Denosumab's edge over current treatment standard in bone metastases is unclear and its efficacy is similar to Zometa. Also, firm notes that Denosumabs once-monthly Phase III dose has no convenience advantage, leaving us wondering where the competitive edge will come from
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