Wednesday's Health Winners & Losers
Health indices were largely flat on Wednesday after a few stocks budged on a wide range of business and regulatory news.
First, on the regulatory end, Abiomed (ABMD) said Wednesday that the Food and Drug Administration approved its iPulse Circulatory Support System, which supports devices designed to treat patients that suffer from acute heart failure. The company said it's the first approved device to support ventricular assist devices and intra-aortic balloons in the catheterization lab and surgery suite.
Shares edged up just 30 cents, or 2%, to $15.01.
On the falling end, Neurocrine (NBIX), which recently tanked after the FDA didn't approve its sleep drug indiplon and later announced that it would cut staff by 130 people, was still on the decline Wednesday. The company said Tuesday in a filing with the Securities and Exchange Committee that it expects an expense of about $7 million related to the staff cut. Shares were down another 30 cents, or 6.4%, to $4.39. Prior to Wednesday, the company's 52-week range was $4.43 to $14.88. The stock is a component of the Nasdaq biotechnology index, which was down 1.73, or 0.21%, at 833.15 on Wednesday.Another update-- GlaxoSmithKline (GSK) completed its $1.65 billion buyout Reliant Pharmaceuticals on Wednesday. Thus Glaxo officially gains Reliant's lead product, triglyceride-controlling agent Lovaza, in addition to three other cardiovascular drugs. Glaxo edged up just 6 cents, or 0.1%, at $50.95.
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