Compugen Gets Another Run (CGEN)

Posted in pre-market 
December 28th, 2009

Compugen Ltd. (NASDAQ: CGEN) is surging on news this morning as traders and investors buy small-cap and/or low-priced biotechs with drug-related news.  The company announced the discovery and experimental validation of CGEN-671, a new drug target for multiple epithelial tumors.  This is a membrane splice variant of CD55, a known drug target for gastric cancer for which monoclonal antibody therapeutics are in clinical development by others.  The company also noted the predicted molecule was then validated experimentally in multiple epithelial tumors. These carcinomas account for approximately 85% of all cancers, including breast, colorectal, lung, ovary, prostate and skin. Compugen also said that it has filed patent applications covering this novel splice variant and its various therapeutic and diagnostic utilities.  Shares closed at $4.08 Friday and the stock is up at $5.99 on over 180,000 shares at 7:56 AM EST.  The prior 52-week range was $0.39 to $5.58 and the average daily volume is about 530,000 shares.

Keep in mind that Compugen was also the one which gapped to $5.00+ last Wednesday from under $3.00 on Tuesday.


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