Mixed Open As Investors Monitor European Developments
Posted on June 04, 2012 at 10:47 AM EDT
The markets opened mixed with the Dow losing 17 points to 12,101 while Nasdaq rose 4 points to 2751 as investors monitored developments in Europe.
On the upside
Auxilium Pharmaceuticals (Nasdaq: AUXL) reported positive results from two late stage clinical trials of its Peyronie's disease treatment Xiaflex.
Galena Biopharma (Nasdaq: GALE) reported upbeat results from a Phase 1/2 clinical trial of its NeuVax vaccine.
Cleveland BioLabs (Nasdaq: CBLI) reported strong survival results from a Good Laboratory Practice efficacy study of its CBLB502.
On the downside
Roth Capital lowered its price target on Dendreon (Nasdaq: DNDN) from $12 to $6.70 saying that the biotechnology firm's prostate cancer treatment Provenge may lose market share.
Delta Air Lines (NYSE: DAL) reported a smaller than expected 6% gain in May passenger unit revenue.
A Seeking Alpha contributor listed MEMC Electronic Materials (NYSE: WFR) as the worst performing Russell 1000 stock in May.
In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 4 on the NYSE while advancers edged out decliners by 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks added 2 points to 739.
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