Updated from 2:50 p.m. EDT
Biotech and other health care stocks edged lower Wednesday on a precipitous drop from
and a host of poor earnings.
Dendreon, the biopharmaceutical company that saw shares soar to more than $25 early last month, experienced a dramatic fall after the company announced that the Food and Drug Administration had asked for additional clinical data on its therapeutic cancer treatment Provenge before granting approval. Shares plummeted $11.41, or 64.3%, to $6.33.
Greater-than-expected losses sank
. The company reported a net first-quarter loss of $26.1 million, or 62 cents a share. Analysts polled by Thomson Financial had expected a net loss of 55 cents a share. Quarter over quarter, losses increased from $14.0 million, or 33 cents a share, from last year. Shares fell 72 cents, or 9.9%, to $6.52.
(PGNX - Get Report)
also reported a wider-than-expected first-quarter loss of $10.4 million, or 40 cents a share. In the year-ago quarter, the company reported a loss of $2.6 million, or 10 cents a share. The Thomson Financial consensus target was a loss of 14 cents a share. Progenics says its increase in expenses was mostly due to a $12.6 million increase in research and development costs incurred in its collaboration with
, preparation for clinical trials for its other products, and an increase in personnel. Progenics shares fell 79 cents, or 3.3%, to $23.14.
reported a net first-quarter loss of $600,000, or 4 cents a share, including $1.1 million in costs associated with the settlement of certain litigation and related legal fees. Excluding those fees, adjusted non-GAAP net income was $400,000, or 2 cents a share. Net income for the same period in the previous year was $500,000, or 3 cents a share. Shares declined 35 cents, or 4.6%, to $7.24.