Human Genome shares plunge on study results

NEW YORK (AP) — Shares of drug developer Human Genome Sciences Inc. were nearly cut in half Monday as Wall Street expressed disappointment over the company's latest study results for the developing hepatitis C drug Albuferon.

Shares plunged 76 cents, or 45 percent, to 94 cents in midday trading, after earlier slumping to 80 cents, its lowest point in at least 10 years.

On Monday, the Rockville, Md.-based company said Albuferon met its treatment goal of working as well as a current drug in a late-stage study. In the study, 900-micrograms of Albuferon given every two weeks prompted a sustained response rate in 48.2 percent of patients. Meanwhile, Switzerland-based Roche's Pegasys prompted a response in 51 percent of the patients.

The results were close enough for Albuferon to be statistically as effective as weekly Pegasys, which was the study goal. But, Wall Street was looking for stronger figures, as the company has to not only compete with Roche, but also with Schering-Plough Corp.'s Pegintron.

Novartis is Human Genome Science's partner on Albuferon.