Health indices closed out the week fairly flat as some stocks benefitted from analyst actions, while others fell because of trial results and lawsuits.
Cadence Pharmaceuticals (CADX) said Friday that in a pivotal late-stage trial its IV-administered Acetavance for pain and fever didn't meet a primary endpoint.
Shares plunged $8.43, or 60.3%, to $5.59 after the company said that in a late stage study its Acetavance for post-operative pain and fever didn't demonstrate a statistically significant reduction in patients' pain over 48 hours compared to placebo after abdominal gynecologic surgery. Acetavance did reduce fever in a separate, smaller study, and was safe and well-tolerated in both studies, according to the company.
The stock tugged at the Nasdaq biotechnology index, which was down 2.99, or 0.35%, at 854.56.Also falling, CryoLife (CRY - Get Report)said it faces a $110 million lawsuit from a patient who had an infection following a Meniscal allograft, a transplant used for patients who have significantly damaged knees. The Kennesaw, Ga.-based company, which has been sued successfully on similar allegations in the past, called the allegations inaccurate. Shares were down $1.43, or 15.3%, to $7.90. In the other direction: Usana Health Sciences (USNA - Get Report) said Friday that the SEC has ended a probe and won't seek legal action. The SEC began investigating allegations of fraud and concerns about the company's marketing model in March. Shares rose $8.75, or 24.6%, to $44.32.