This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Alexion Thumped After Drug Failure

Alexion Pharmaceuticals (ALXN) shares were taking a pounding after the company's heart drug failed to meet the main target of a study in which it was aiming to prevent heart attacks in a moderate- to high-risk group of patients.

Lately, the shares were plunging $8.19, or 27.7%, to $21.37. Volume was extremely heavy, with 20 times more shares trading than the daily average for the last three months. By midsession, more than 10 million shares had changed hands, compared with about 458,000 on a normal day.

The trial of Alexion's pexelizumab was designed to determine whether the drug could reduce the rate of heart attacks and death 30 days after coronary artery bypass surgery, with or without another valve surgery, compared with a placebo. The drug did reduce both outcomes, but fell short of the threshold for statistical significance.

The trial, which was also conducted to study the drug's safety, involved 4,250 patients at 250 sites worldwide.

"We are clearly disappointed that pexelizumab did not meet its primary endpoint in [the study]," said Leonard Bell, chief executive of Alexion. "We look forward to completing an analysis of the data and obtaining a more in-depth understanding of these results." Alexion expects to present the trial results at an upcoming scientific meeting.

The Cheshire, Conn., company says it's looking at the implications of the study on another phase III trial in which the drug is used in patients who've had an angioplasty procedure. During an angioplasty, a small balloon is inflated in a blocked artery to improve blood flow.

Alexion works on a number of therapeutic products aimed at treating patients with a wide array of severe diseases. The company says it remains on track to complete a late-stage trial on its leading drug candidate, eculizumab, for a rare blood disorder called paroxysmal nocturnal hemoglobinuria. Results from that trial are expected in the first quarter of 2006.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,079.57 -42.44 -0.25%
S&P 500 1,996.74 -3.38 -0.17%
NASDAQ 4,557.6950 -11.9260 -0.26%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs