Wednesday, September 22, 2010

Day Trader's Alert: BIIB, SEED, EBAY

Shares of Biogen Idec Inc. (NASDAQ: BIIB) slumped more than 4% on Wednesday after rival Novartis AG (NYSE: NVS) received FDA approval for Gilenya, a first-line treatment for relapsing forms of multiple sclerosis - the most common forms of the disease. The FDA approval makes Gilenya the first oral treatment indicated for relapsing forms of MS available in the US. The approval is being seen as competition for Biogen Idec's multiple sclerosis therapies AVONEX and TYSABRI.  

Origin Agritech Limited (NASDAQ: SEED) soared more than 20% after its subsidiary Origin Biotechnology announced that it has reached an comprehensive, worldwide agreement with the Institute of Plant Protection, Chinese Academy of Agricultural Sciences (CAAS). CAAS jointly own the rights to the internally developed Bt-gene. Bacillus thuringiensis or "Bt" is a common soil bacterium that produces crystals that are toxic to certain insects.

eBay Inc. (NASDAQ: EBAY) fell more than 4% after it announced that Lorrie Norrington, president of eBay Marketplaces, will be leaving the company for personal family reasons.

Full Disclosure: None.
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