Cell Therapeutics Inc(NASDAQ:CTIC) shares gapped up 23% to $2.75 on high volume after the company announced positive news that U.S. health regulators granted orphan drug status to its brain cancer drug. Orphan status, which is granted by the U.S. Food and Drug Administration to drugs that treat diseases affecting fewer than 200,000 people, provides seven years' marketing exclusivity from the date of approval.
Will CTIC Continue To Move Up? Find Out Here
It is estimated that there will be 10,000-12,000 new cases of GBM diagnosed in the United States this year alone, the company said, citing data from the National Cancer Institute.
Jamba, Inc.(NASDAQ:JMBA) surged 10% after Lloyd Khaner from Khaner Capital lines up the name as his new turnaround pick to soar. A low debt ratio and an adept CEO caught Khaner's eye, although he's a bit late to the party with shares already up 73% YTD.
Illumina, Inc.(NASDAQ:ILMN) also gaining moment and added 7% after The Times of London reported that Roche is preparing a $60 per share bid for Illumina, which would be a nearly 18 percent premium to the $51 bid Illumina rejected in April 2012. Roche initially took its hostile bid for Illumina public in January 2012 in a deal valued at $5.7 billion, or $44.50 per share.
ArQule, Inc.(NASDAQ:ARQL) is the biggest loser and slumped 61% after it halted a study of a lung-tumor treatment that failed to meet goals for improving survival rates. A panel of scientific advisers recommended an early end for the study, dubbed Marquee, because it wasn’t expected to meet its survival goals for patients with non-small cell lung cancer, ArQule said in its statement. The drug was in the third of three stages usually required for U.S. regulatory approval, the company said.