There's still quite a bit of buzz surrounding biotech and some upcoming (potential) approvals. For today though, these are the most meaningful updates.

MDRNA Inc. (MRNA)

Move over Novartis - MDRNA's has the seat next to yours. This morning, the FDA approved MDRNA's calcitonin-salmon nasal spray for the treatment of osteoporosis. The spray is the generic equivalent to Novartis' Miacalcin.

Normally we wouldn't care about the introduction of a generic. However, Miacalcin was good for about $112 million worth of ales last year in the United States, while MDRNA only did about $15 million in sales... total. A small sliver of the osteoporosis pie culd be a big win for MRNA owners. Today's surge in share price might be one that's deserved, though the stock has been doing nothing but falling since the open.... maybe it's time to take profits while there are some.)

Generex Biotechnology Corp. (GNBT)

Generex is up 8% today following a 'positive' presentation at a conference for the American Diabetes Association. The drug in question is the same Phase II drug we mentioned a few days ago.... Oral-lyn.

Don't misunderstand our view. The drug's impressive, but the news is no surprise - the market pretty much knew the presentation would be positive.

Our problem with Oral-lyn is that it's a Phase II treatment, and could be years ways from actually being marketable.

If you want something to get excited about, its Generex's potential technology to treat swine flu, or the company's Phase I prostate cancer vaccine trial (take that Dendreon).

No matter how you slice this though, Generex is still too far away from revenues to get this excited now. We suggest you take profits here at 80 cents, and then step in again on a dip, which could bring shares all the way back to the 50 cent area.

GenVec Inc. (GNVC)

The irony behind looking at GenVec along with Generex and MDRNA is that GenVec is likely closer to a marketable product than the other two companies are, yet GNVC shares are the only stock of the three that's in the red today. Anyway...

While pounded the table on immune therapy following this year's ASCO conference, we hope we didn't give anyone the impression that immune therapies were the only topic discussed at the meeting. GenVec preswnted TNFerade at the conference..... a Phase III trial treatment for pancreatic cancer. Results were strong - a 25% reduction of risk of death.

The market didn't seem to care at the time; perhaps investors were (and understandably so) more worried about $6 million worth of dilutive financing.

Bigger picture, we still think this is one of the better opportunities from the biotech world. There is current revenue, potential revenue, a Phase III candidate that's apt to be approved, and the stock hasn't gone ballistic in the last month.

One bullish oddity - huge buying volume on Friday. The buzz is that an approval for something is coming soon, though we found nothing likely due on the calendar in the way of FDA approvals for GenVec. Never really know though.

This is still a trader's stock, moving more on speculations, hype, and disappointment than it is on current or future value. Just keep that in mind.

Information is one thing; using it to successfully trade stocks is another. If you want to know if and when we officially 'trade' any of these stocks, then sign up for the free e-newsletter today. We'll keep tabs on them in the meantime, and let you know when worthy news is published.