Shares of medical-device maker
rose sharply Tuesday when the company announced that its vein-graft device was approved for a new indication by the Food and Drug Administration. The approval was based on a trial involving more than 700 patients comparing the EV3 product with three other embolic protection devices currently on the market. Shares of EV3 jumped 14.8% to $14.56.
The SpideRX Embolic Protection Device, which has already been approved for use in certain procedures involving the carotid artery, a major blood vessel in the neck, may now be used in some coronary artery operations. The coronary artery provides blood directly to the heart. The SpideRX device is used to contain and remove debris loosened during stenting procedures. The device will be marketed under the additional indication immediately, the company says.
Shares of big biotech
dipped 96 cents, or 1.2% Tuesday to $78.15 after the company and its partner
announced that a trial involving the drug Avastin in pancreatic cancer patients was halted. Early results from the study showed that the drug wasn't extending the lives of patients with the disease. Cancer of the pancreas is one of the deadliest and most difficult to treat cancers.
Possibly feeling sympathy pains, shares of another cancer drugmaker,
, were down 85 cents, or 1.9% to $44.15. Biogen Idec co-markets the lymphoma drug Rituxan with Genentech.
got a lift after the company reported better-than-expected earnings for its fiscal third quarter. The company earned 26 cents a share for the quarter, while analysts were expecting 21 cents a share. Revenue increased 36% to $106.8 million.
Healthways also reaffirmed its fiscal-year revenue guidance of $415 million to $435 million and raised its earnings expectations to between $1.17 and $1.20 a share, up a penny from its previous forecast. Healthways was gaining 21 cents to $50.46.
fell another 9.5% to $3.34 Tuesday, a day after the company said it had a setback in a clinical trial. The company said Monday morning that it suspended dosing of its experimental hepatitis C treatment, dubbed ANA975.
The suspension is pending the company's analysis of toxicology studies in animals. Anadys, which partnered with pharma giant
in the drug's development, says it hasn't seen any serious side effects in humans. Novartis shares fell 90 cents, or 1.7% to $51.96.
Separately, Anadys shares were downgraded by research firms Piper Jaffray, Stifel Nicolaus, Montgomery & Co. and JMP Securities following its announcement.
shares fell 98 cents, or 2% to $47.79 after the company disclosed plans to buy Croatian generic-drug maker Pliva for $2.2 billion.
Barr won a bidding contest among several companies, the most visible being Iceland's Actavis Group, which had been courting Pliva since mid-2005. The Actavis bid of $1.6 billion was deemed too low by Pliva's management.
Other movers included
, which saw its shares fall 2% to $47.30. Biogen Idec's MS drug partner
fell 2.6% to $16.75.
BioDelivery Sciences International
lost 5.9% to $1.90.
, a developmental gene-based biopharmaceutical company, were up 6.7% to $1.44.
shares were up 5.1% to $3.09, and
was rose 5.1% to $2.39.