Successful Crohn’s Disease Drug Trial Send Celgene Shares Soaring and Fannie Mae Jumps on Shareholder Lawsuit
October 21 2014 - 12:00AM
InvestorsHub NewsWire
Strong results from
Crohn’s disease drug trial send Celgene Corporation
(NASDAQ:
CELG) shares higher on Monday. The stock closed up
4.40% on nearly 8 million shares traded.
Celgene
Corp. announced on Monday that it will present data on its Crohn's
disease drug GED-0301 at a conference Tuesday. The company posted
an abstract with top-line results on the high side of
expectations.
Phase-2 trial of Crohn's disease drug Mongersen came in on the high
side of expectations. Remission rates of 55% in the 40 mg group and
65% in the 160 mg group were compared to 9.5% in the placebo
group.
The drug could be a blockbuster for the biotech company.
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Fannie Mae and Freddie Mac
shareholder lawsuit pushes Federal National Mortgage
Association (OTCBB:
FNMA) shares to close up over 5% on
Monday.
A
shareholder of Fannie Mae and Freddie Mac (FMCC) is suing the
government and has filed a brief in federal court in Iowa. The
shareholder is arguing that a federal judge in Washington, D.C.
reached the wrong decision when he dismissed a similar case last
month.
The filing marks the first time lawyers for plaintiffs in various
Fannie and Freddie lawsuits have responded in detail to Judge Royce
C. Lamberth’s decision.
It argues that Judge Lamberth made an error by allowing the Federal
Housing Finance Agency more discretion in its role as a conservator
than the law allows. It asks the Iowa court to give the Lamberth
decision “no weight.”
Fannie and Freddie shares sank after the Lamberth decision
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