Biogen (BIIB) - Get Biogen Inc. Report shares popped about 5% in early trading Monday to $290.65 per share on news that the company's new spine disease drug, Spinraza, outperformed expectations during its commercial debut during the first quarter.
Shares had risen $12.14, or 4.38%, to $289 in premarket trading Tuesday.
The FDA approved Spinraza in late December as the first treatment for spinal muscular atrophy (SMA), a rare, genetic condition affecting children that causes the loss of motor neurons in the spinal cord and lower brain stem, resulting in progressive loss of muscle function. Spinraza is being looked to as Biogen's new blockbuster as sales for its multiple sclerosis drugs flatten out.
In the first full quarter of its commercial launch, Biogen said Spinraza sales totaled $47 million, beating handily Street consensus expectations that ranged from $15-17 million.
Shares of Endo Pharmaceuticals (ENDP) - Get Endo International Plc Report were up 3.12% to $11.24 after a drug it markets was shown in two Phase 3 clinical trials to have a statistically significantly reduction in complications from Parkinson's disease. The drug is owned by thinly traded micro cap Adamas Pharmaceuticals (ADMS) - Get Adamas Pharmaceuticals, Inc. Report , which was unchanged at $15.85.
Bioverative (BIVV) shares were up 2.47% to $59.63 despite being downgraded from Buy to Hold by Gabelli on Monday. Gabelli said although potential upside remains in the event of a buyout but a purchase is not a likely in the near-term.
IDEXX Labs (IDXX) - Get IDEXX Laboratories, Inc. (IDXX) Report shares were down nearly 5% to $153.95. IDEXX reports first quarter earnings Friday morning. The gene sequencing company is still up about 40% year-to-date despite the recent struggles.
--Adam Feuerstein contributed to this story