Health Winners & Losers: Amgen
Health care stocks traded mixed Tuesday as the broader market dipped and rose in wide swings.
Amgen (AMGN) rose on the release of study data that showed denosumab, its experimental drug designed to grow bone, reduced the risk of new spine and hip fractures by 68% and 40%, respectively, compared to placebo, in post-menopausal women. Amgen shares gained $3.70, or 6%, to $65.89.
Amgen is a component of both the Amex biotechnology index, which climbed 2.3% to 810.10, and the Amex pharmaceutical index, which edged down 0.1% to 297.62.
Shares of Targacept (TRGT) and AstraZeneca (AZN) traded lower after the two reported post-close Monday inconclusive results for a phase IIb clinical trial of AZD3480 to treat mild to moderate Alzheimer's disease. AstraZeneca said it will decide on potential further development of AZD3480 in December. Targacept sank $2.58, or 30.5%, to $5.88, while AstraZeneca lost 59 cents, or 1.3%, to $44.35.
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