Health stocks followed the general market and sank Friday amid a light peppering of news.
slipped after the drug company said it will recall all remaining lots and doses of its bood thinner heparin sodium vial products. The move is based on the potential for serious adverse events, such as decreased blood pressure, fainting and unresponsiveness.
The company recalled nine lots of the vials in January and then halted production of the blood thinner earlier this month. Baxter said the FDA concluded that completely removing the products from the market earlier would've resulted in a shortage and higher risk to patients relying on the blood thinner. But the agency says other suppliers are now prepared and the recall won't jeopardize access to the drug.
Shares of Baxter fell 91 cents, or 1.5%, at $59.02.
For a second day,
benefitted from the recommendation of a data and safety monitoring board that a high viral load subgroup in an HIV treatment trial be switched to from
Epzicom to Gilead's Truvada for safety and efficacy reasons.
Analysts believe Gilead may receive a boost as doctors switch their patients to Truvada. Shares climbed $1.86, or 4%, to $47.32.
fell almost 4% after it priced an offering of $1 billion in notes. The offering is expected to close March 4. Biogen said it will use the proceeds to pay off debt.
Shares of Biogen declined $2.22 to $58.36. The stocked helped weigh on the Nasdaq Biotechnology Index, which slipped 1.4% to 784.
rose after terminating its collaboration with Belgium's Solvay Pharmaceuticals to develop bifeprunox and other compounds in earlier stages of development to treatment schizophrenia and other psychiatric conditions.
The company said it concluded that bifeprunox wouldn't have sufficient commercial value for the two companies to share. All development and commercialization rights in North America are being returned to Solvay.
Shares advanced $1.08, or 2.5%, to $43.62.
reported a loss of $9.5 million in the fourth quarter, widened from $4.6 million in the same period last year. Revenue slipped to $5.6 million from $5.7 million in the prior-year period.
The biotechnology company also said its president and CEO, Robert Johnson, has resigned. He will be replaced by Helen Kim, who joined in January as senior vice president and chief business officer. The company said it is re-prioritizing in order to focus on drug candidates that represent the greatest therapeutic potential and commercial value in the near term.
Shares fell 3 cents, or 1.5%, to 1.99.