Cancer Genetics and Amgen Named Among Top Drug Developers

With the year coming to a close, companies in the genetics industry are getting named in prestigious list recognizing their work. Amgen (NASDAQ:AMGN) and Cancer Genetics (NASDAQ:CGIX) earned such a recognition last week by getting mentioned in Pharma Tech’s 2017 “Top 10 Drug Discovery and Development Solutions Providers – 2017” list. The companies were the only two publicly traded companies to be named on the list.
The list was assembled by pulling in the talents and knowledge of various figures in the industry, including CEOs, VCs, analysts and the Pharma Tech Outlook editorial board.
“The desired scientific data and analytics required for the drug discovery and development process has led to organizations working competently to find solutions in the pharmaceutical sector,” Pharma Tech Outlook indicated in its announcement of this year’s selected companies.

Panna Sharma, president and chief executive officer of Cancer Genetics said it was an honor to be included in this list. He called the recognition a signal that the work done by his company is earning the trust of the industry.
In addition to last week’s recognition on Pharma Tech’s list, on Thursday (November 2), Cancer Genetics announced that it is offering Thermo Fisher Scientific’s Oncomine DX Target test to help physicians detect how non-small cell lung cancer patients are screened “for target therapies that are approved by the U.S. Food and Drug Administration (FDA).”
Over a five-day trading period, shares of Cancer Genetics have increased 16.36 percent. On a year-to-date basis, the company’s stock has increased 137.04 percent.

Amgen’s share price declines after being named a top drug developer

Since last Wednesday (November 1), Amgen’s share price has experienced a 2.52 percent hit to its stock. On October 25 Amgen reported a decrease in its revenue for the third quarter of the year.
“Disciplined expense management and ongoing process improvements continue to provide the financial flexibility needed to invest in our best opportunities for long-term growth,” Robert A. Bradway, CEO of the company commented on Amgen’s quarterly performance.
Also in the release, the company provided investors with an update on its facilities in Puerto Rico following the aftermath from Hurricane Maria. Amgen spent $67 million of pre-tax expenses during their third quarter for efforts related to Hurricane Maria.
“Our drug substance manufacturing and packaging plants are fully operational and we expect to resume formulation/filling and small molecule commercial production by the end of October 2017,” the company explained.
Amgen doesn’t expect a “significant impact” to their year-end results. However, they expect an additional relief expense between $75 million to $100 million in their fourth quarter.
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Securities Disclosure: I, Bryan Mc Govern, hold no investment interest in any of the companies mentioned.