CancerVax maintained by Thomas Weisel at peer perform

CancerVax Corp. was maintained by Thomas Weisel Partners analyst M. Ian Somaiya at a peer perform rating. CancerVax said it was discontinuing its phase III trial of Canvaxin, a therapeutic vaccine for melanoma, after the independent Data and Safety Monitoring Board concluded the trial was unlikely to demonstrate evidence of survival benefit. Somaiya noted that the Carlsbad, Calif.-based pharmaceutical company will likely reduce its expenses based on its cash position and likelihood of not having product-related revenue. Shares of CancerVax were down $1.26, or 43.15%, at $1.66 on volume of 2,167,983 shares versus the three-month running average of 48,765.6 shares.

Celgene still at market outperform by JMP

Celgene Corp. was maintained by JMP Securities analyst Charles C. Duncan at a market outperform rating with a price target on the stock of $59 a share. JMP said the FDA extended the PDUFA date on Celgene's myeloma drug Revlimid for three months to review additional information on RevAssist, Celgene's risk-management program. The information is considered by the FDA as a major amendment to the drug's New Drug Application. JMP said it was downwardly revising Celgene's 2005 revenue estimate because of the delays in bringing Revlimid to market. Shares of the Summit, N.J.-based biopharmaceutical company were down $1.11, or 2.03%, at $53.47 on volume of 1,600,252 shares versus the three-month running average of 2,497,270 shares.

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