Trial enrollment and technology's tribulations moved a few health stocks on an otherwise flat Tuesday.
gave up 52 cents, or 21%, to $2 after announcing the departure of its CFO and suffering a downgrade.
The company said after the market close Monday that CFO Peyton Marshall is resigning, and then Tuesday morning Caris & Co. analyst Doug Chow downgraded the stock to average from above average, noting, "we believe the unexpected change in senior management creates uncertainty and could limit potential upside to Panacos shares in the next 12 months." Chow indicated he's also concerned about slow enrollment in the company's phase II trial for bevirimat for HIV.
However, enrollment matters generated enthusiasm for other companies on Tuesday.
said it began enrollment in its Hercules trial to evaluate the safety and efficacy of its investigational renal stent system for patients with renal artery stenosis, a buildup of fatty plaque in arteries that lead to the kidneys, which can result in high blood pressure. The stock climbed 60 cents, or 1.1%, to $54.47.
( DDSS) said it completed enrollment in its phase III trial for a once-daily formula of antidepressant trazadone ahead of schedule and now expects to have results from the study at the beginning of the second quarter of 2008. The Food and Drug Administration only requires one positive phase III study to approve once-daily Trazadone as it's a reformulation of a drug that is already approved and marketed.
Labopharm added 17 cents, or 11%, to $1.69. It's a component of the Nasdaq biotechnology index, which was down just 9 points, effectively flat, at 850.44.
On another note,
gained $1.06, or 7%, to $16.05. The company said Tuesday that more than 1,000 men have been treated for prostate cancer with its CyberKnife Robotic Radiosurgery System and that the number of facilities offering CyberKnife treatments increased more than 65% in the last year.
In the opposite direction
( CRXL) said Tuesday that its PER.C6 technology was not to blame for the discontinuation of
HIV program, news announced Friday).
Crucell still expects revenue of $310.2 million to $317.3 million for the year, noting that it hadn't incorporated any income from the Merck HIV program into its 2007 guidance. The company also said that as it was in midstage development and no royalty-based income was anticipated for the next couple of years. After losing ground Monday, shares gave up another 98 cents, or 4.9%, to $19.15 Tuesday.
Elsewhere, a technology tribulation came to an end when
settled a lawsuit regarding the unauthorized use of technology.
Eli Lilly is paying Emis $18 million for using Emisphere technology beyond the scope of an agreement ended in 2004. Emisphere was trading down 23 cents, or 4.9%, at $4.48, and Eli Lilly edged down 35 cents, or 0.6%, to $57.18.