Health Winners & Losers: Teva

Health stocks started the week on a mixed note amid a variety of clinical and regulatory news.

Acadia Pharmaceuticals (ACAD Quote) shares tanked Monday after the company said a midstage trial for schizophrenia drug ACP-104 didn't meet its primary or secondary endpoints.

Shares were down $3.67, or 43%, at $4.82.

Faring better,Teva Pharmaceutical (TEVA Quote) said Monday that in a phase III trial dubbed ADAGIO, its currently marketed Azilect tablets slowed the progression of Parkinson's disease. Teva said the study met all of its primary and secondary endpoints and also confirmed the safety and tolerability of the drug. The company said it will submit the results to U.S. and European regulators in an effort to get a label change to include disease modification rather than just a treatment for the symptoms of the disease.

Merrill Lynch analyst Gregg Gilbert upgraded Teva to buy and raised his price target to $54 from $50. Shares were trading up $2.14, or 5%, at $44.64.

Meanwhile, Exelixis (EXEL Quote) said Monday that the U.S. Food and Drug Administration agreed on the special protocol assessment process of a phase III registration trial on anticancer compound XL184, and the company is planning on beginning a phase III study this summer of the compound as a potential treatment for medullary thyroid cancer. The company said it has also discussed the trial design with European regulatory agencies.

Shares edged up 20 cents, or 3.5%, to $5.85 on lighter-than-average volume.

In other regulatory news, Eli Lilly (LLY Quote) said Monday that the FDA approved Cymbalta for Fibromyalgia. The drug is already approved in the U.S. for uses in major depressive disorder, anxiety disorder and diabetic peripheral neuropathic pain in patients 18 and older. Lilly's shares were off by 38 cents, or 0.8%, at $47.95, but Cypress Bioscience (CYPB Quote), which is developing a similar drug called milnacipran, saw its shares rise 77 cents, or 10.2%, to $8.33. Milnacipran, which is in the same class as Cymbalta, is up for approval in October.