Biotech Business Daily (CGRB, DSCO, EPIX, GSK, PSTI, VNDA)

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Cougar Biotechnology, Inc. (NASDAQ: CGRB) is up over 5% in afternoon trading on the announcement that they will present a company update and clinical trial update at the Leerink Swann Cancer Roundtable Conference. Shares up $0.88 to $21.43. The 52-week range is $17.00 to $34.00.

Discovery Laboratories (NASDAQ: DSCO) shares are on roller coaster ride as they anticipate the await approval for Surfaxin, a preventative medicine for respiratory distress syndrome in premature infants. Last Friday, the stock dropped 50% after the FDA wrote an Approvable Letter to Discovery requesting more information. Today it is up 33% after Discovery announced that additional clinical trials will not be necessary. Shares are trading at $1.87 on extremely high relative trading volume. The 52-week range is $1.29 to $3.75.

EPIX Pharmaceuticals (NASDAQ: EPIX) announced the mid-stage human clinical trial launch of Alzheimer’s treatment, PRX-03140, making it eligible for a milestone payment of $7.5 million from GlaxoSmithKline (NYSE: GSK). Shares are up over 8% to $1.80. The 52-week range is $1.28 to $6.70.

Pluristem Therapeutics, Inc. (NASDAQ: PSTI) shares are down over 13% today on no new relevant news. Shares are down $0.63 to $3.96. The 52-week range is $1.52 to $28.00.

Vanda Pharmaceuticals, Inc. (NASDAQ: VNDA) shares are up almost 40% today after reporting narrower first quarter losses last Thursday, beating expectations. Also, Caris initiated coverage on the company with a “Buy” rating and a $22.00 price target, specifically citing the expectation that schizophrenia treatment Fanapta, will gain regulatory approval in July. Today, shares are up $1.68 to $5.89. The 52-week range is $2.70 to $22.49.

Rachel Lopez
May 5, 2008