Shares of biotechnology company Celgene Corp. rose Friday as the biotechnology company got a nod of confidence from Cowen and Co. on the sales potential for bone-marrow cancer drug Vidaza.
Celgene shares rose 15 cents to $60.46. The stock has traded between $41.26 and $77.39 over the last 52 weeks.
Cowen analyst Rachel McMinn, meanwhile, reaffirmed a "Neutral" rating on Celgene shares, saying Vidaza will likely gain ground in the bone-marrow cancer market as that market expands. The drug's competitor Dacogen, made by Dublin, Calif.-based SuperGen and Japan-based Eisai, will likely lose ground in the market, she said.
"We have increased confidence that U.S. Vidaza sales growth over the next 12 months will be buoyed by increased penetration of demethylating agents in MDS (bone-marrow cancer) as well as market share gains from Dacogen," she said.
In a survey of 33 hematology and cancer physicians, she said, 56 percent used only or mostly Vidaza in newly diagnosed patients, compared with 25 percent using Dacogen.
In July, SuperGen said Dacogen failed to improve patients' survival rate in a late-stage European study. While the majority of physicians in the survey took issue with the dosing schedule in the study, most admit they may prefer Vidaza, based on more detailed results, she added.
McMinn expects 60 percent year-over-year growth in Vidaza sales.
Summit, N.J.-based Celgene gained Vidaza as part of the $2.9 billion buyout of Pharmion Corp. in March. For the first and second quarters combined, sales have reached $73.5 million.
Shares of SuperGen fell 8 cents to $1.27.
Celgene shares rose 15 cents to $60.46. The stock has traded between $41.26 and $77.39 over the last 52 weeks.
Cowen analyst Rachel McMinn, meanwhile, reaffirmed a "Neutral" rating on Celgene shares, saying Vidaza will likely gain ground in the bone-marrow cancer market as that market expands. The drug's competitor Dacogen, made by Dublin, Calif.-based SuperGen and Japan-based Eisai, will likely lose ground in the market, she said.
"We have increased confidence that U.S. Vidaza sales growth over the next 12 months will be buoyed by increased penetration of demethylating agents in MDS (bone-marrow cancer) as well as market share gains from Dacogen," she said.
In a survey of 33 hematology and cancer physicians, she said, 56 percent used only or mostly Vidaza in newly diagnosed patients, compared with 25 percent using Dacogen.
In July, SuperGen said Dacogen failed to improve patients' survival rate in a late-stage European study. While the majority of physicians in the survey took issue with the dosing schedule in the study, most admit they may prefer Vidaza, based on more detailed results, she added.
McMinn expects 60 percent year-over-year growth in Vidaza sales.
Summit, N.J.-based Celgene gained Vidaza as part of the $2.9 billion buyout of Pharmion Corp. in March. For the first and second quarters combined, sales have reached $73.5 million.
Shares of SuperGen fell 8 cents to $1.27.
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