Health stocks generally traded slightly lower Tuesday, in line with the broader markets, despite some individual stock moves spurred by clinical data.
Elan (ELN Quote) and Wyeth (WYE Quote) shed some light Tuesday on the much anticipated phase II trial on bapineuzumab as a treatment for Alzheimer's. The companies said the drug did not register statistically significant efficacy when assessed for the whole 240 patients enrolled. But it did meet some endpoints in a subgroup of patients who didn't have a higher genetic risk for developing Alzheimer's -- non-carriers of the Apolipoprotein E4 (ApoE4) allele. The companies said this group accounts for 40% to 70% of the Alzheimer's population.
Elan shares added $2.59, or 9.6% to $29.70, while Wyeth shares traded up $2.12, or 4.9%, at $45.20. The companies plan to continue a previously disclosed phase III program. ...
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