Health Stocks in Motion

Alexion Pharmaceuticals (ALXN Quote) was among the worst-performing health-related stocks Wednesday, with shares tumbling 26% after the company said a study for its heart drug failed.

Alexion's Phase III trial of PRIMO-CABG2 with pexelizumab did show that the drug reduced the primary endpoint of heart attack or death within 30 days after coronary artery bypass graft surgery. However, the results didn't meet the threshold for statistical significance. The company's shares plunged $7.71 to $21.85.

Epix Pharmaceuticals(EPIX Quote) fell 15% after the company said the Food and Drug Administration is requiring another trial for its blood-pool contrast agent, Vasovist. The company received an approvable letter from the FDA, but the letter indicated that at least one additional clinical trial, and a re-read of images obtained in previously completed Phase III trials, are needed for approval. Epix said these studies would require a "substantial period of time" to complete. "In light of today's news, we have decided that we will have to reduce substantially our research efforts and our employment levels, which we will do in the first quarter of next year," said Interim CEO Michael Astrue in a statement. Epix shares were down 93 cents to $5.12.

Adams Respiratory(ARXT Quote) fell 7% after the specialty pharmaceutical company filed a registration statement for a share offering by certain stockholders. The holders are offering 5.65 million, with underwriters having the option to buy up to an additional 846,873 shares. Adams shares recently changed hands at $44.83, down $3.71.

Chindex International(CHDX Quote) fell 6% after the company said it plans to close down its retail pharmacy distribution business. Chindex, which sells Western health care products and medical services in China, said it plans to concentrate on its core business of health care services and medical equipment distribution. The company said the retail products business hasn't contributed to earnings or cash flow. "Although we had an enviable national distribution platform, the margin structure of distributing on behalf of other companies did not allow for a sustainable business and we have found that developing and rolling out our own national brands required more cash than we had anticipated," said CEO Roberta Lipson in a statement. Chindex shares were down 47 cents to $7.28.