Updated from 2:26 p.m. EDT
( ABRX) were among the worst-performing health-related stocks Monday, falling 29.8% after the company suspended its manufacturing operations and recalled its product line.
The manufacturing suspension comes after last week's revelation that the company would halt the shipment of all of its products because of improper laboratory practices. The company also announced the resignation of its chief executive.
Manufacturing is halted until the company "can assure itself that its products are manufactured and tested in compliance with standard operating procedures and current good manufacturing practices," Able said. In addition, the company has notified the Food and Drug Administration of its intention to recall all of its products. The company also withdrew seven drug applications with the FDA.
Able said the disruption in business is expected to have a material impact on its business and results of operations. Shares, after losing nearly 75% of their value last week, traded down $2.14 to $5.05 on Monday.
rose 2.3% after the FDA gave the company the go-ahead to begin a phase I/II trial to test its leukemia drug GRN163L. The initial trial, which will be conducted in patients with advanced chronic lymphocytic leukemia, is designed to demonstrate the safety and tolerability of GRN163L administered on a weekly dosing schedule. Pharmacokinetic and pharmacodynamic parameters will be studied as well. Geron said it has three clinical trial sites selected and expects to begin treating patients in June. Shares traded up 17 cents to $7.52.
( ENCY) rose 2.8% after the company said its treatment for pulmonary arterial hypertension met its primary endpoint in a second phase III trial. Thelin met the primary endpoint of improved six-minute walking distance. The Thelin 100 mg group showed a statistically significant increase of 31.4 meters over the placebo group. The 50 mg dose of Thelin, meanwhile, did not achieve statistical significance compared to a placebo; the company does not expect to seek registration for the 50 mg dose in adults. Data from the trial and the company's other phase II and III studies will form the basis of its new drug application, Encysive said. The NDA will be submitted to the FDA in May. Shares traded up 28 cents to $10.45.
Other health care volume movers included
, up 18 cents to $28.76;
, up 39 cents to $7.23;
, up 24 cents to $62.11;
, up 5 cents to $2.82;
Johnson & Johnson
, up 6 cents to $67.26;
( SGP), down 15 cents to $19.85;
, up 1 cent to $32.63;
, up 5 cents to $4.05;
, up 16 cents to $25.89; and
( DNA), up 70 cents to $76.60.