Shares of

Aspreva Pharmaceuticals

( ASPV) were dropping after the company said the drug CellCept failed to meet its preset endpoints in a phase III trial for myasthenia gravis, a neuromuscular disease.

Following the study's results, Aspreva's shares sank 14.1% to $19.03.

British pharmaceutical company

Shire

( SHPGY) edged lower despite swinging to a profit in the third quarter and boosting its guidance for the year. The company earned $87.2 million, or 17.3 cents per ordinary share, in the latest quarter, up from a loss of $630.7 million, or $1.26 a share, a year ago. Revenue in the most recent quarter rose to $449.4 million from $376.1 million a year ago.

Looking ahead, Shire now expects revenue growth between 12% and 14% this year, up from its previous estimate of low double-digit growth. However, the company believes earnings will be impacted by development and marketing costs during the remainder of 2006 and in the first half of 2007. Shire was lower by 0.6% to $54.05.

Dynavax Technologies'

(DVAX) - Get Report

dropped 2.6% to $6.41, as the company said that even though third-quarter revenue rose year over year, its loss widened.

The drug developer lost $12.2 million, or 40 cents a share, compared with a loss of $8.3 million, or 33 cents a share, a year ago, mostly because of increased development expenses related to its pipeline and lower revenue following the termination of its deal with UCB Farchim.

Total revenue for the quarter reached $1.6 million, four times the $400,000 it had in the year-ago period. Dynavax expects full-year pro forma revenue of $12 million to $16 million.

Ciphergen

( CIPH) was rising after its shareholders approved the sale of a device business to research company

Bio-Rad Laboratories

(BIO) - Get Report

. The deal is worth about $20 million.

Under the terms of the agreement, Bio-Rad will manufacture, market and sell Ciphergen's proteomics instruments to life-sciences companies. Ciphergen's shares were up 1.8% to $1.13, but Bio-Rad slipped 0.1% to $74.66.

Pfizer

(PFE) - Get Report

edged lower even after the European Patent Office issued an opinion upholding a patent on its blockbuster cholesterol drug Lipitor. The office rejected arguments by India's

Ranbaxy

that a patent covering atorvastatin calcium, the active ingredient in Lipitor, is invalid for "lack of novelty" and "lack of inventive step," Pfizer said. Shares of Pfizer fell 4 cents to $27.24.