This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Health Winners & Losers: King Pharma

Health stocks took yet another ugly spill with the broader markets late afternoon Thursday.

The Nasdaq and Amex biotechnology indices tripped late in the trading day falling to losses of 5.3% and 4.6%, respectively, by market close. The Amex pharmaceutical index gave up a stunning 8.3% on Thursday.

One exception was King Pharmaceutical (KG), which saw share rise 27 cents, or 3.49%, to $8. Natixis Bleichroeder analyst Corey Davis upped his rating for the battered stock to buy from sell.

Meanwhile, Omrix Biopharmacueticals (OMRI) announced that a phase II study on its Fibrin Pad in mild to moderate bleeding was suspended Wednesday afternoon to investigate an incident of post-operative bleeding.

Omrix shares were on the rise a day earlier when the company said that according to interim results from a midstage trial, the Fibrin Pad was superior to Johnson & Johnson's (JNJ - Get Report) Surgicel for stopping mild to moderate soft tissue bleeding during certain surgeries. Omrix Shares ultimately plummeted $6.14, or 34.5%, to $11.67, on Thursday. Cardiome (CRME - Get Report) and Astellas said Thursday that they will have an "End of Review" meeting with the Food and Drug Administration on Nov. 14 regarding the application for atrial fibrillation drug Kynapid. The FDA sent the company an approvable letter -- meaning the drug could eventually be approved if certain conditions were met -- in August after an FDA advisory panel recommended in December that the agency approve Kynapid.

The companies said they also had withdrawn their application for Canadian approval and plan to refile after they have found resolution with the FDA.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
CRME $9.40 0.00%
IMCL $3.00 0.00%
LLY $71.58 0.00%
JNJ $101.08 0.00%
AAPL $130.28 0.00%

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs