Successful Crohn’s Disease Drug Trial Send Celgene Shares Soaring and Fannie Mae Jumps on Shareholder Lawsuit

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.  

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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.

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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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