Pre-market: Cray to fall flat in 2007
Shares of Cray Inc. (Nasdaq: CRAY) are sagging following news this morning that the Seattle-based computer company believes that 2007 revenue associated with one of its key products will likely be less than previously anticipated. CEO Peter Ungaro said the company will most likely not be profitable in 2007 because total revenue will be at or below $200 million. Shares are down $0.01, or 0.13%, to $7.94.
Palo Alto, Calif.-based pharmaceutical company Telik, Inc. (Nasdaq: TELK) reported on Sunday, June 3, that its drug TELCYTA, a treatment of advanced ovarian cancer and non-small cell lung cancer, did not meet the primary endpoint of the Phase III trial. The stock has lost $0.19, or 3%, to $5.81.
Shares of Accredited Home Lenders Holding Co. (Nasdaq: LEND) are falling following news this morning that the San Diego-based mortgage banking company has agreed to be acquired by Lone Star Fund for a price of $15.10 per share, or about $400 million. Shares are down $0.23, or 2%, to $13.76.
San Mateo, Calif.-based SciClone Pharmaceuticals, Inc. (Nasdaq: SCLN) announced this morning that its product candidate thymalfasin, which treats malignant melanoma, achieved its primary endpoint in a phase II clinical trial. Shares have added $0.09, or 3%, to $2.84.
Shares of Cell Genesys, Inc. (Nasdaq: CEGE) are slumping despite news this morning that the San Francisco-based pharmaceutical company’s immunotherapy for prostate cancer produced anti-tumor activity in five of the six patients who were given the highest doses. The stock is down $0.02, or o.46%, to $4.31.
ARIAD Pharmaceuticals, Inc. (Nasdaq: ARIA) announced today that its cancer treatment AP23573 achieved the primary end point of a Phase II trial because 29% of the patients had tumor regression or disease stabilization. Shares are up $0.01, or 0.18%, to $5.44.
