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Celgene, Pharmacyclics, Ariad Pharmaceuticals, ImmunoGen, Array BioPharma Get Boost From Medical Conference

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The shares of several drug makers are rising after researchers present promising study results for experimental cancer drugs.

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MINYANVILLE ORIGINAL Stocks for several drug makers are rising Tuesday following study results showing their therapies may be effective in treating different forms of blood diseases. The stocks, some of which have been rising rapidly all year, are getting a boost after scientific presentations at a big medical meeting of the American Society of Hematology in Atlanta.

Celgene (NASDAQ:CELG) reported strong data showing its drug candidate pomalidomide slowed the progression of cancer and improved survival times for patients with multiple myeloma, according to results presented Tuesday. The data supports a possible approval from the Food and Drug Administration in February. Shares of Celgene rose 2.5% to $82.53 in early afternoon trading Tuesday. The big biotech company's stock is up 30% in the past 12 months.

Pharmacyclics' (NASDAQ:PCYC) drug ibrutinib was effective in treating patients with a rare disease, according to mid-stage study data presented Tuesday. The company's drug is aimed at treating refractory mantle cell lymphoma. Pharmacyclics' stock jumped 7% to $62.79. The shares are up more than 400% in the past year.

Ariad Pharmaceuticals' (NASDAQ:ARIA) drug ponatinib showed success in treating patients with two types of leukemia, according to study data. Ariad filed for US and European approval of its drug earlier this year. The company's stock rose 2% to $23.43 Tuesday after also climbing Monday. The stock doubled in the past year.

ImmunoGen (NASDAQ:IMGN) presented early study data Monday showing that its experimental drug used with Celgene's Revlimid and a steroid can effectively treat multiple myeloma after other therapies failed. The results support further study of the drug, ImmunoGen says. Shares of ImmunoGen rose for a second straight day, jumping 7% to $13.24 Tuesday afternoon. The stock is up 10% in the past year.

A pair of drugs developed by Array BioPharma (NASDAQ:ARRY) showed success in treating a two blood diseases. Study results for Array's mid-stage drug for multiple myeloma and its earlier-stage treatment for the disease myelodysplastic syndromes were presented at the medical meeting. Shares of Array rose 6% Tuesday to $3.86. The stock climbed 77% since the beginning of the year.

Shares of Seattle Genetics (NASDAQ:SGEN) rose slightly after the company showed good data Monday night for its early-stage study of the drug Adcetris as a first therapy to treat Hodgkin lymphoma. Adcetris already is approved for Hodgkin patients who didn't respond to other medicines. The company wants to ultimately get its drug approved as a first treatment for such patients. Shares of Seattle Genetics rose less than 1% to $24.35. The stock is up 46% from the beginning of the year.

After a big run Monday, the stock of Infinity Pharmaceuticals (NASDAQ:INFI) retracted a bit, falling 5% to $25.87 Tuesday. The company presented early study data showing its drug appears to be effective treating multiple forms of lymphoma and leukemia. The stock rose above $27 on Monday. The company's shares are up almost 200% this year.

Twitter: @brettchase

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No positions in stocks mentioned.
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