Amarin (Nasdaq:AMRN), Amicus (Nasdaq:FOLD), Dendreon (Nasdaq:DNDN), NPS (Nasdaq:NPSP), Orexigen (Nasdaq:OREX), Pharmasset (Nasdaq:VRUS), Best Biotech Ideas for 2011

Within the small and mid-cap biotech sector, Canaccord Genuity named its best ideas for 2011, which include Amarin (Nasdaq:AMRN), Amicus (Nasdaq:FOLD), Dendreon (Nasdaq:DNDN), NPS Pharmaceuticals (Nasdaq:NPSP), Orexigen (Nasdaq:OREX), Pharmasset (Nasdaq:VRUS) and NPS Pharmaceuticals (Nasdaq:NPSP).

Canaccord said, "We believe that small and mid-cap biotech stock performance will continue to be driven by key catalysts: late-stage clinical data, FDA decisions, and sales growth. In addition to profiling each of our Best Ideas, we are providing quick updates on many of our coverage companies, including what we expect in 2011."

Amarin: AMR101 had positive data from its first pivotal trial in patients with very triglycerides.

Amicus: Amigal for Fabry disease is in a pivotal Phase 3 trial set to yield top-line data in H2/11.

Dendreon is a Best Idea based on blockbuster sales potential for prostate cancer immunotherapy Provenge, fueled in the near term by continued manufacturing and commercial expansion as well as upcoming announcement of a European launch strategy.

NPS Pharmaceuticals is a Best Idea based on 2011 expectations of highly compelling Phase 3 data read-out for previously-validated GATTEX in short bowel syndrome as well as hormone replacement drug NPSP558 in secondary hypoparathyroidism.

Orexigen: Contrave for obesity recently received a positive FDA panel recommendation that we think paves the way for approval in 2011.

Pharmasset: Hepatitis C nuc polymerase inhibitors will be key components of future therapy, in our view. We expect key events in 2011, including: Phase 2b data and a Phase 3 start for Roche-partnered RG7128, Phase2b data for wholly owned PSI-7977, and data from Pharmasset’s proprietary all oral, two-nuc combination study of PSI-938 and PSI-7977.

Amarin closed Tuesday at $5.92, up $0.12, or 2.07 percent. Amicus closed at $4.01, up $0.03, or 0.75 percent. Dendreon ended at $36.28, down $0.28, or 0.77 percent. NPS Pharmaceuticals closed at $7.11, up $0.09, or 1.28 percent. Orexigen closed at $9.01, down $0.01, or 0.11 percent. Pharmasset was up to $47.19, gaining $0.42, or 0.90 percent.