ImClone (IMCL) is among the most actively traded stocks in pre-market action, generating upside after Morgan Stanley suggested ImClone's Erbitux cancer treatment could pose stiff competition against Genentech's Avastin lung cancer treatment.

Also adding to ImClone's upside this morning is a report from Genentech finding that while its Avastin improved progression free survival in patients with non-small cell lung cancer it did not prolong their overall survival.

Genentech shares are down 2% at 70.31 in pre-market trade, but the top morning bid stands at 70.53, an indication the stock may see some near term bounce.