12:00 AM
Jul 06, 2009
 |  BioCentury  |  Finance

2Q Stock Wrap-Up: Surprise Me

Upside surprises among the heavily beaten down small- and micro-cap groups sparked investor enthusiasm for a handful of biotech stocks last quarter. That pushed the median performance of biotech companies with market caps under $200 million up 26.4% on the quarter. Companies with market caps between $200 and $499 million rose 20.8%.

The hands-down 2Q superstar was Dendreon Corp. Positive topline Phase III survival data for Provenge sipuleucel-T to treat prostate cancer drove its market cap from $412 million to $2.9 billion(see BioCentury, April 20). The stock added $20.80 (495%) to $25.

Savient Pharmaceuticals Inc. was another small cap tier jumper on a vote of 14-1 by FDA's Arthritis Advisory Committee recommending approval of Krystexxa pegloticase to treat refractory chronic gout. The stock added $8.88 (179%) to $13.83 last quarter, pushing it from a market cap of $271 million to $841 million.

A BLA for the pegylated urate oxidase has Priority Review with an Aug. 1 PDUFA date (see BioCentury, June 22).

Micro-caps like Vanda Pharmaceuticals Inc.,

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