Aryx Keeps Biotech Investors Humble

Biotech is a cruel mistress. On a day when I'm beaming over Amgen's(AMGN Quote) success with denosumab, I'm also smarting over Aryx Therapeutics(ARYX Quote) and the disappointing results from a study of its blood-clotting drug.

Both stocks are long picks in my Biotech Select model portfolio (defunct but soon to be resurrected, so stay tuned). Amgen is up big Wednesday morning, while Aryx is down bigger. And so it goes with biotech.

Aryx reported Tuesday night that its blood-clotting drug tecarfarin failed to demonstrate superiority over the anticoagulant warfarin in a phase II/III study that enrolled about 600 patients with a variety of conditions requiring them to be on chronic blood-thinning therapy. ...