regeneron and sanofi. the details. >> after a lot of discussion the panel of outside advisers to the fda did vote yes that the risk-benefit profile of this drug from regeneron and sanofi called preleron supports its approval in some patient populations for high cholesterol. they voted 14-3 yes. but then when they started discussing which patient populations it should be approved for that looked a little narrower than some people expected. they had approval for genetically defined form of cholesterol but then when you got into the areas for people for whom statins don't work well enough, high-risk patients having heart attacks or strokes can't get far enough on statins like lipitor, that was only 7-9 yes. 7 yes, 9 no. even fewer for folks who can't tolerate statins. so that may be a little bit conservative. it will be interesting to hear how the panel discusses the amgen competitor drug tomorrow. that advisory committee meeting starting tomorrow morning. but again, regeneron coming in with a positive vote b

that is what that -- >> you stick with this trade, regeneron, even on the pullback. >> regeneron's aat company. i get it. but the stock has been ballistic. the valuation is a little bit absurd. i'd rather own amgen here still. >>> all right. time for pops and drops. big movers of the day. got a drop for nvidia down 2%. guy. >> downgraded it. $18 price target. i don't think it gets there. it held 21 there. you stay long this name against 21 bucks. >> pop for amazon up 1%. tim. >> the alibaba of the united states actually doing very well here. but what's doing well here is it's holding on to a valuation in a stock that lost all investor sentiment holding that 430 level where it spiked up to. i think you can be neutral on this stock at these levels. >> pop for caesars up 6%. >> $6 stock here. lots of option activity in it. but this is a stock that has gotten destroyed this year. it's almost an option itself at $6. if i'm going to play the casino space i'd much rather be in wynn than in caesars. >> pop for cisco. >> supposedly planning a $5 billion bond sale to fund more of a company rep

the ceo of regeneron will join us next.er norquist holding presidential candidates to the no tax pledge. but one republican has so far resisted. and later, two titans of real estate join us on set. richard lefrac. we'll be right back. financial noise financial noise financial noise >>> well, that panel an fda panel voting in favor of approving the latest cholesterol fighter from regeneron. dr. len schliefler joins us first on cnbc. our reporter meg tirrell is here as well. you're in here, too. this is you, too, for regeneron. $54 billion company. $54 billion company. absolutely staggering. what was it ten years ago? >> about five. less than that. ten years ago it was probably a couple billion. >> couple of billion. unbelievable. part of what we talked about with -- >> creating value. >> so this latest thing, the three that said no is it a side effect issue? or it's just an efficacy issue of whether it prevents heart attacks, do you think? >> i think the debate that really took place yesterday at the fda advisory panel was w

the drug underw is made by regeneron.ilar therapy by amgen goes before the advisory panel tomorrow. why there's hope behind the new drugs. >> lipitor was once the top-selling drug in the world. it's part of a class of medicines called statens which have the ability to drastically lower cholesterol, but statens don't work for everyone and heart disease thought to be connected to levels of bad cholesterol known as ldl is still the leading cause of deaths worldwide. >> there's still a need in the treatment of cholesterol because a good proportion of patients still don't reach goal with the fat therapy or the other available therapies. >> phil nato estimates 15% of patients can't tolerate statens because of side effects like muscle pain and he says 20% don't get cholesterol levels low enough to keep them from being at high risk of heart attack or stroke. that's where a new class of drugs came in. developed by regeneron partnered with sanifee they are partnered by outside advisers. >> so far they haven't seen a lot of side eff

we mentioned regeneron, that drug approved by a fda panel. is down 4% possibly because that can only be used in a patient with a genetic predisposition to high cholesterol. down when we open in 13 minutes. congress passed a bill f.a.a. the administration had cheated sharing information with recruits how to pass a hiring test. adam shapiro this bill should be labeled the shapiro bill because you brought it to congress. >> the congressman introduced legislation which would force the f.a.a. to old hiring practices. last night the house of representatives, stuart passed an amendment to the transportation, the house transportation and housing appropriations bill which supplied the money with the f.a.a. fund. in that bill, the amendment that the house passed 240-186 restricts funding. it cuts funding to the f.a.a. so that they would no longer be able to use that test the personality test that we exposed on fox business. they would no longer be able to use that test. this is a big step because this bill, transportation and housing appropriations bil

and they have another trial coming out that regeneron has to make a decision on.you trade it? well, listen, this is a lottery ticket at this point, but given the volume you saw today, shorts piled in. i think ahead of this new trial coming up with the regeneron decision sort of hanging in the balance i think you can take a shot on the long side. >> and i don't know why you would be short after this move. and despite the fact that the company still has a lot to prove, i don't think that the ceo stepping up today and saying i'm not going to go buy my stock is any indication of anything frankly. and i think it's tough to put a guy on the spot and say hey, are you going to buy your own stock on a day when the trial didn't turn out in your favor? because first of all, don't we say on this show ceos are not supposed to be talking about their stock price, they're not supposed to be necessarily gaming, and so i feel as if that announcement was not necessarily something that indicates we should be concerned about the commitment management has to this company. >> you know,

this is regeneron and sanofi drugs. second discussion question of two before they take a vote. this really lowers the bad cholesterol in the blood. >> are those the ldl? >> the hdls are good ldls are bad. these for patients who don't get benefit from lipitor or can't tolerate lipitor or other statins. >> is it the case these new drugs would be significantly more expensive? >> yes. they've gone againgeneric. >> we've seen a version with the hepatitis c drugs. this is something that could potentially affect many more americans depending how government and programs cover it. >> they are not quite as highly priced as hepatitis-c drugs but does affect a large number of patients. they are talking about whether you'll have to prove you tried other therapies to get reimbursed for these. >> let's bring in our health care analyst from cowan. we are moving through this process and about to find out. how transformative could it be if these cholesterol drugs are approved? >> we think they will be second line initially. these will be

regeneron at five when the ceo came on. speaking of keeping your eyes open, there are terrific easily accessible stories out that you might miss if you take the risk fears too dangerously, too seriously. my daughter was using instagram last night at a terrific new york restaurant i first went to in the original philadelphia iteration with the late mark haines. i read today that facebook going to monetize instagram with advertising. i'm confident they won't interfere with the experience like zuckerberg said that makes facebook more investable. as my daughter was posting all the instagram pictures of the cool carrot vegetarian things. vegetarian is not so bad. it was tasty. now, we have been worried about the competition facing gopro. last night we heard from the semiconductor company that makes the gopro. i'm still a believer. it has a ton of commercial drone work going. after today it was up 3.7% up 88% for the year. amazing quarter. it's not done. i think it sees par. now we can make mistakes, absolutely. later tonight i'm

it may not be done going down but i want you to buy regeneron. i'm not here to undermine today's positive action but understand we aren't out of the woods yet. we're in a calm grassland. at least for today. on "mad money" today, one share of the stock will cost you 235 bucks, but don't let you scare you away from the massive bottom. then in flute player left for dead but up over 10% in the last month on a legit turnaround. and here's a hint -- you'd be nuts not to buy it. plus, game-changing app that puts your doctor in the palm of your hand. stick with cramer! >> don't miss a second of "mad money." follow @jimcramer on twitter. have a question? tweet cramer #madtweets. send jim an e-mail to madmoney@cnbc.com. or give us a call at 1-800-743-cnbc. miss something? head to madmoney.cnbc.com. >>> after one of the best days for stocks in ainges ss in age where is the averages roared based on germany might be able to do a deal with grease, we still have to deal with the united states where a looming rate hike from the fed can put a serious dent in the

regeneron has been halted. what is going on? >> good morning, stuart.ertaining to cholesterol. the other two stocks to watch. a sickly more than 73 million americans suffer with bad cholesterol. many of them take lipitor and chris store. some people can't take those. this is a new development the best we've seen according to the medicine professionals. this is the best we've seen since the 1980s. this is moving forward for approval. injectables could cost $10,000 a month. these drugs cost less. so that is where we stand with these. it reduces your ldl cholesterol the bad time to reduce strokes and heart attacks. stuart: nicole, thank you very much. the dow down a fraction overnight. the average is 274. scott i want to know if i'm going to see the grass price -- gas price plunge i've been predicting. >> ulysse gas prices go lower. every time i start to drift lower we get more and more talk about our refineries going offline. 60% were put off line in the latest opec actions. ask the percent that is down to $45 a barrel. we've got more efficiencies coming

they really are neck and neck from amgen and regeneron.s widely expected they'll get approved over the summer. >> why do statins become less effective in people and could these drugs end up replace statins? >> some people get side effects with statins. some just doesn't get to goal with lowering their ldl, bad cholesterol enough. that changes the game when you have these pills as opposed to injections. we don't have data yet in hour these drugs do in preventing those events. that could broaden the patient population. peak sales estimates for these drugs, $5 billion a year but it could initially be slower uptake. it's better for inspirion. >> dr. j. biotech, where do you go? >> regenorron. another all-time high today. stock is up from $25 to $520. you wanted performance that's apple-like performance, this company has done it. >> albert edwards will break his silence in his first televised interview in years. a top analyst will explain why an even bigger deal could be on the horizon. stay tuned. that is mobile, it is you. real madrid have ab

if you look of the names, the top 10 holders, you can see regeneron and biogen.lue-chip names. these are multi-billion-dollar names that are growing 20% year-over-year. they have great fundamentals. the pe on this etf is 25 times. since janetr 50% yellen said the biotech center is overheated the play is to buy a call spread. if you want to go out and spend $10 and sell the 390 against this, you get that out to september. it is like the play that the vix traded it. if the markets don't go anywhere, biotech does tend to is a great way to play the market and it's not that expensive. julie: the reason that yellen called out biotech is that she was calling out momentum stocks. those can be considered momentum. those at risk -- are those at risk? kevin: everything is at risk here. stablelly on those names, because their cost of capital goes up, when it comes to these bio techs, they are generating a lot of cash. everyone knows they are volatile. they are trading at 25 times earnings. you look at stable trading at 19 times earnings -- i'd rather go for the growth. julie

>> that's right, you showed the nasdaq 100 and at the bottom was regeneron regeneron.cholesterol drug. >> a narrower population than expected. they've got another cholesterol drug in the mix. and some of the narrower patient population ideas may be weighing heavily on that stock. they depend on this group of patients that can't tolerate the common drugs like lipitor. >> they expect the fda to come out a little bit less conservatively than the panel has. so probably not game over for espirion. >> as we noted to you, netflix is a big winner right now and tonight at 5:00 we are speaking to the biggest netflix there on the street. he'll defend his $270 price target. 5:00 p.m. eastern on "fast money." meantime, "closing bell" starts right now. >>> hi and welcome to the "closing bell." >> simon hobbs in for bill griffith. a big rally on wall street sending the dow back into positive territory for 2015. and the nasdaq is within striking distance now of its all-time high. >> while stocks are surging today, there's actually been a bear market happening in 20% of the names in th

one of the drugs is made by regeneron and sanofi. parma reporter meg tirrell is here with more. >> this drug is being discussed and tomorrow they will discuss a very similar drug from am again and both work in similar ways known as pcsk-9 and lower levels of ldl or bad cholesterol in the blood. shown in clinical trials to thrower for as much as 60% for some patients. that's very good news. one of the big questions being debated today by this panel of outside advisers to the fda is which patients these drugs should be prescribed for because, of course we have statins like lipitor that are very effective for lowering cholesterol levels and they are taken by pill form. new drugs are injections, so that's one thing to consider and so a lot of patients don't actually get enough of a benefit off of statins or they can't tolerate statins and the fda has been considering whether those populations are the most appropriate runs for the drugs to be prescribed for. analysts say that could be as many as 10 million patients in the united states. n

yesterday the fda panel recommended that they be the new one from regeneron and sanafi be approved.force people with extremely high cholesterol. some of the other players, something that the health care industry is watching very carefully. this is kind of like that savaldi hepatitis c drug. if the drug were to be widely approved by the fda, that's going to be a very big impact on health care payers, a very big impact on pbms and already are warning about this. and if it's more limited, it does their job for them if that's the what the fda recommends. finally we're overall here just seeing a nice move to the upside, i know bob talks about volume, but we are moving up there. back to you. >> all right, bertha, thank you very much. >>> it's a public break-up with technology that might reflect what some have started to feel privately. the headline from "new york times" fashion director vanessa friedman this morning is titled "why i'm breaking up with the apple watch." and she joins us at post 9 to talk about why it didn't work out. good morning. what a conversation this has started. was

you might as well start with regeneron.t all the different points that everybody was hoping for. that's why they're selling the stock off today. >> stef, what, target? they were, then they weren't, then they were. raising the dividend and boosting the buy-back, what's going on? >> good news, yeah. i mean they're raising the dividend 7.7%, increasing buy-back to 10 billion from 5 billion. it's consistent with what the company had to say at their analyst meeting a few weeks ago. it's very much signals to me that they're confident in the turn-around story and their execution, it does look like they're favoring buy-backs more than dividends, think that's going to be the theme going forward. >> let's go into gopro. gopro shares, please, look at that, down 2%. citi seems to be raining on the parade a little bit here, josh. >> citi's analysts are throwing shade at gopro. saying that based on their own consumer survey, only 5% of u.s. consumers are planning to buy a gopro in the next six months or 12 months, whatever it is. they're

and jenna regeneron down.t of hollywood, british actor christopher be best known for his roles in star wars and board of the rings has died after being hospitalized for respiratory problems and heart failure. lisa in the royal air force in world war ii began acting in 1947, knighted in 2009, he was 93 years old. a hovering home seems like something out of the jensens' but one california company hopes to make homes that can hover a reality. they say it would be the key to earthquake protection. cheryl casone hovering houses. >> back to the future they say it is, they are developing and working on patented technologies that would actually if a quake is coming it would use seismic data and lift the home often ground. patented system, they are calling it shake colors. this is the truth king. stuart: i do this all the time. this system relies upon some kind of warning that an earthquake is coming. are we in a position yet to say that we know when an earthquake is coming? >> if an earthquake is coming sometimes it i

is this is only one dosage versus the two regeneron has.thought would actually give him an advantage over this one. >> right. but both have -- and it lowers the ldl significantly for people with normal statin. >> lowering ldl, is that enough to prevent heart attacks? >> it seems to make sense it would. >>> we have a couple other tech stories front and center this morning. new york law enforcement officials are questioning ebay and paypal on agreements that would allow robocalls. raise issues under protection laws. the new user agreement would allow ebay to contact users by phone for offers and promotions to collect also on debt or conduct surveys. also this could change the telecom game. elon musk's spacex has now asked permission from the s.e.c. to test beam high speed internet from space using satellites. that's according to to a post. the tests are to begin next year. it could be another five years before the planned global internet network he's thinking about is running. >>> and apple may soon allow users to block ads from the iphones a

it is groundbreaking stuff what they are doing it sanofi and regeneron and what and jen is doing -- angenard about this alone people to live much longer who are at risk of heart disease because it lowers cholesterol. the problem with staten is that they are not perfect and even when you are taking it, made up reduce enough of your bad cholesterol and so this class of drugs developed from genetic the two real -- very expensive stuff. $10,000 per year. finally coming to market and it one the backing -- won the backing of an fda panel. it creates a potentially enormous market opportunity. before lipitor went off patent, it was a $9 billion per year drug. that in theory is the potential market size. brendan: there is such public confusion over what causes public kilis -- bad cholesterol. will this clear it up? i don't think -- >> in one case or at least a specific case, there are people who have a genetic condition -- i have to read it. hypercholesterolemia. in that case, this drug is the ideal treatment. it also works for other people. what they have not been able to prove yet, is whether it

moving higher with that cholesterol drug recommendation from the fda panel, and we continue to be regeneronhe ropes as they had more questions with their recommendation for approval. those cholesterol drugs are something that the health care industry is looking at. this could be another widely prescribed expensive band of drugs. back to you. >> bertha thank you very much. >>> let's head down to the bond pits after retail fell. interesting interestingly the dollar is stronger. >> absolutely. the way all the markets hook up at the hip is definitely in flux a lot lately. the notion of such a decent retail sales. it's decent. i would venture to say that the fundamentals right now are important, but as you see, we had a range of 249,8 to 242 in 10s so far today. up 1.2 data you can clearly see there was some roll tilt, but the established trend was pretty much her in place, a two-day chart reveals, gentlemen psychologically you always have 2 and a quarter, 250, 275, some psychological resistance but as you open the chart up we're comping to bakley the latter part of the month. the left side of t

when you have a competitive play, regeneron is down and others have a product. be careful.had a short term peak on thursday. >> all right. good to note. target is the bigger gainer this morning. tells you about the lack of news elsewhere. >> and target and cvs do not have a lot of greek exposure. that's the terrific thing about them. probably some of the ceos might have been in fraternities, maybe something. >> we talked about before the break, micron is leading closely by san disk. >> san disk is one of the companies companies people think is going to get better. you'll see there are people expecting a bid, whatever companies. companies that get bids tend to be good companies. i've been watching. there have been three upgrades from sells to hold or by dee yauj owe. that's a good company that might get a bid but companies that aren't doing well and earnings are coming down they tend not to get bids and there's a lot of people who feel i can be in this one because the stock is down. those companies are less inclined to get bids. i had this track company that got kids. they w

regeneron is down by 1% in frankfurt. >> big u.s. cities are clamping down on salt and sugar. they will require a warning label at chain restaurants. it will be the first city in the country to do so. san francisco approved ads on sodas and other drinks. it goes for a second vote next week. everies to impose a tax did fail last year. >> you're a big fan of coach and pepsi. >> try to go for the diet versions but yeah i have probably one a day. >> bad. >> probably more a fan of salt though. heyer my food with salt. >> i'm all about the kale and banana smoothies, you should join any camp. >> it's boring. i can't bear it. >> it's good for you. when elon musk. musk musk. when he talks to investors they listen. the tesla ceo weighs in on a number of key issues at the shareholders meeting. the details of that coming up after the break. you probably know xerox as the company that's all about printing. but did you know we also support hospitals using electronic health records for more than 30 million patients? or that our software helps over 20 million smartphone users remotely configu

. >> finally, you mentioned regeneron is the biggest loser with biojen. >> that was crazy.been the great performer in this group even though you don't see the earnings momentum. i'm seeing stocks people are talking about breaking up starting to do things again. the industrials are working today. this is a better day. and i can't come back to what you were saying yesterday which is this market has a hard time staying down after a long time. it is a bit of a coiled spring. we're at a level where oh lot of technicians are saying it could hold. >> chevron and exxon leading the dow. up 102. >> we have a nice rally. i want to concentrate on one sector in particular and that's emergency stocks which have had a tough time of it recently. oil is on the verge of breaking out. we're looking at a 62 on oil. it's not quite there yet but moving the big energy names. they're all up 2 to 3% at this point, and that's what's helping the market overall. chevron the big mover in the dow. the other group i want to mention is interest rate sensitive. even though ten-year yields are up again, i h

same drug was run by regeneron which is moving lower again today. some investors worried the restrictions could limit the amount of money these companies could make. >>> solitaire surfing the web, how employees really waste time at work. >>> plus apple retail employees not happy with ceo tim cook over his security bag check policy. we'll explain. >>> plus -- >> today's powerhouse is home to qualcomm headquarters. it is ranked the seventh largest city in the u.s. and it is edged with 70 miles of beaches. can you name that city? ♪ ♪ ♪ at chase, we celebrate small businesses every day through programs like mission main street grants. last years' grant recipients are achieving amazing things. carving a name for myself and creating local jobs. creating more programs for these little bookworms. bringing a taste of louisiana to the world. at chase, we're proud to support our grant recipients and small businesses like yours. so you can take the next big step. >>> i'm courtney reagan. here is your cnbc news update for this hour. three crew members of the int

and as we saw with regeneron's drug which was discussed yesterday, they were talking about narrow patientations genetically to find high cholesterol and folks at high risk of heart attacks and strokes. so that going on now. but 11-4 positive vote for amgen. kelly, back to you. >> meg thank you so much. we also welcome steve grasso off the floor. what are you trading? >> interesting when you were talking about the outperformance with the finals. take a look at energy. energy has been so beaten down. now you start to see that whiplash back. a lot of guys thought it got ahead of itself. started to factor in $85 barrel of oil. now it's coming back now. people that had to really sort of dig in and see what the valuations were as long as you're above $60 in oil, i think it's not all clear, but guys are really starting to dabble. >> and it's interesting, i just came back from a financial services conference last week. and pretty much every strategist picked that oil was going to end up the year, like $70 to $75 a barrel. so certainly, the sentiment is yes, it's moving on up. >> it's definitely t

according to kensho regeneron has been up 80% of the time over the past decade.s you might be asking yourself how much higher can health care go? and the analysts i've spoken to say this is an earnings story with health care. as profits keep growing for health care stocks, we're likely to see these stocks go higher. if you're going to take a look at this sector for the summer these are some of the names to check out. back over to you. >> thank you very much. >>> when we come back this morning, imf boss christine lagarde says there's no grace period for greece when it comes to the repayment to the imf. the deadline is june 30th. we'll talk with roger altman from evercore. and later it is national flip-flop day. we'll celebrate with smoothies for a good cause. "squawk box" will be right back. what if there were only one kind of dog? then it would be easy to know everything about that one breed. but in fact, there are over three hundred breeds of dogs. because no one can be an expert in every one... an app powered by ibm watson will help vets tap specialized knowled

so right now these are drugs being made by regeneron and amgen. they're very similar drugs and they're having beviewed today and tomorrow. everyone expects these to get approved. the question is what patient population should they be approved for? we know they lower the bad cholesterol but they haven't showed what the out comes of that are. >> but there's hereditary people too. which is really the problem. one out of three people are on them right now. so still the cause and effect -- >> that's right. it is more accepted it will lead to a risk of cardiovascular ooecht events. people expect these drugs to be approved and we should see the outcome studies testing howell they do lowering the risk. >> leading cause of death among men and women. >> absolutely. the question here that's so interesting is because these are injected drugs how much are people going to want to take them? there's a slight difference between the drugs in that amgen offers one dose and you can take it either once every two weeks where you inject it once each time or once a mont