Monday, October 6, 2008

Biotech action

ImClone gets swallowed up for $70 in cash by E.I. Lilly, and Dendreon, (DNDN 5.25) a favorite stock of the shortsellers, will announces it's intermin Phase 3 results for PROVENGE, it's prostate cancer drug today at 9:00 am.

If the results are good, this number could skyrocket. If not, it seems they have at least tried propitious timing with their news release.

If we get good prostrate cancer news today, then traders will probably take a look at this very thin and very small microcap company Oncogenex Pharmaceutical (OGXI 3.68), which six weeks ago, was fast tracked for their metastatic prostrate cancer.

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