A clinical trial setback jolted
Monday while other health stocks were less extreme.
Neurochem announced that results from its phase III trial on Alzheimer's disease treatment Alzhemed didn't demonstrate a statistically significant difference in favor of the drug and the study failed to meet primary endpoints. Shares plummeted $2.22, or 40%, to $3.34.
Also on the losing end,
gave up 20%, or 40 cents, to $1.62, after announcing that it received a nonapprovable letter from the Food and Drug Administration for Mifamurtide, formerly known as Junovan, its treatment for osteosarcoma, a rare bone cancer.
The agency wants data from additional clinical trials to demonstrate the benefit of the drug, as well as information on other sections of the new-drug application. IDM Pharma said it believes capturing supplemental data will overcome the need for additional trials, and it plans to submit an amended application to the FDA by the first quarter of 2008.
On the winning end,
said an independent data monitoring committee found significant improvement in liver cancer patients treated with Nexavar and stopped the phase III trial in Asia early to allow all patients to receive the treatment.
Nexavar, which saw similar results in an earlier trial, is awaiting FDA and EU approval for liver cancer. Onyx shares rose $4.02, or 12%, to $37.64, while Bayer was down $1.31, or 1.7%, to $76.95.
Pharmaceutical services and manufacturing company
said the U.S. Drug Enforcement Agency reinstated its Orlando, Fla., distribution center's license to distribute controlled substances. The license was suspended in April due to agency concerns that the facility hadn't maintained effective controls against the diversion of controlled substances by Internet pharmacies.
As part of the agreement, AmerisourceBergen implemented a new order-monitoring program in all of its distribution centers starting July 1. The company said the new program passed several DEA inspections. Shares rose $1.24, or 2.5%, to $48.93.
, which announced that it received FDA approval for its abbreviated new drug application (ANDA) to market its generic version of
Famvir on Friday, on Monday said that upon the expiration of a patent it received final approval for its ANDA to market the generic version of
hypertension treatment Accupril and will start shipping shortly. Teva shares nudged up just 19 cents, or 0.5%, to $41.95.
More on Pfizer, which was up just 0.2% to $24.78 Monday: The company finalized its previously announced team-up with
to collaborate on research, development and commercialization of compounds with potential applications for the treatment of metabolic disorders, such as obesity and diabetes.
Bristol-Myers, Pfizer and Teva are all components of the Amex Pharmaceutical index, which was down 1.21, or 0.37, to 337.79.
Elsewhere, analysts revised a couple of share-price targets. Stifel Nicolaus lowered its price target for
to $60 from $64 on expectations of weaker sales due to new reimbursement guidelines from the Center for Medicare and Medicaid Services that affect drugs for chemotherapy-induced anemia -- but said that investors have overreacted to these sales threats.
While Amgen rose to $50.78 in morning trading, it settled back down at $50.04 recently.
On the other hand, CIBC World Markets upped its target for
by $13 -- to $58 from $45. Amylin shares were fairly flat at $49.61, however.