Friday's Health Winners & Losers
01/11/08 - 04:53 PM EST
Elizabeth Trotta
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 Quote - Cramer on CADX - Stock Picks) 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 Quote - Cramer on CRY - Stock Picks)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 Quote - Cramer on USNA - Stock Picks) 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.
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