Top Biotechnology Stocks - HGSI, AMLN, INCY - Top Gaienrs

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Human Genome Sciences (NASDAQ:HGSI) was among the most active gainers as it rallied 35.28% to $25.28 on over a massive volume of 40.70 million shares after today HGSI and GlaxoSmithKline (GSK) today announced positive results from BLISS-76, the second of two large-scale phase III clinical trials of BENLYSTA™ (belimumab) for treating systemic lupus. A full presentation of results from BLISS-52 was recently shared at the 73rd Annual Scientific meeting of the American College of Rheumatology. Both trials succeeded in meeting their primary endpoints, which should make BENLYSTA eligible for approval by the U.S. Food and Drug Administration (FDA). The stock price made a new 52 week high of $26.21.

Amylin Pharmaceuticals, Inc. (NASDAQ:AMLN) was one of the top movers in today`s session as it rallied 9.87% to close at $12.13 on an unusual massive volume of 14.63 million shares after Amylin Pharmaceuticals Inc. and Takeda Pharmaceutical Co. entered an exclusive agreement to develop and market obesity treatment products. Amylin will get $75 million up front from Takeda and could get milestone payments of up to $1 billion. Meanwhile, the FDA late Friday approved extended use for Amylin’s Byetta as stand-alone therapy with diet and exercise in patients with type 2 diabetes. FDA also updated safety information, adding information about association with acute pancreatitis and didn’t give the drug a black-box warning label. Lazard Capital calls FDA reaction in line with expectations, saying it shouldn’t hurt sales.

Incyte Corporation (NASDAQ:INCY) surged 6.62% or $0.39 to $6.28 on over 4.07 million shares. Today Leerink Swann initiates coverage on Incyte Corp with an Outperform rating. Leerink analyst says, "We believe the Street is under-appreciating the commercial potential for INCY's JAK-inhibitor franchise, particularly topical INCB18424, which we see as INCY's lowest-risk development program with a sizable potential market opportunity in both psoriasis and other topical inflammatory indications. Significant upside should also be driven by INCB18424 in myeloproliferative disorders and INCB28050 in inflammatory disorders. We view INCY shares as fairly valued on a risk-adjusted, fully diluted basis in the $15-17/share range."