Shares of AveXis (AVXS) jumped 16% to $84.44 on Friday morning after the Chicago-based gene therapy company after the market close yesterday reported results from a phase one trial of AVXS-101 in spinal muscular atrophy (SMA) Type 1 and also announced results for the fourth quarter and full-year 2016.
The company said that as of Jan. 20, AVXS-101 "appeared to have a favorable safety profile and to be generally well tolerated, with no new safety or tolerability concerns identified."
Also on Thursday, AveXis reported a fourth-quarter net loss of $25.4 million, or $0.92 per share.
Meanwhile, shares of Amgen (AMGN) - Get Report fell 6.9% to $167.75. The Thousand Oaks, Calif.-based firm said Friday that its new cholesterol drug Repatha reduced the risk of heart attacks, strokes and other heart-related health problems by 15% compared to a placebo.
Investors were expecting Repatha to show a cardiovascular risk reduction of 20-22%, so the drug's true performance in a population of higher-risk patients is a disappointment from the market's perspective.
Sean Harper, head of research and development at Thousand Oaks, Calif.-based Amgen, pushed back against anticipated negative investor reaction.
In an interview with TheStreet's Adam Feuerstein on Thursday, Harper pointed to additional evidence from the study -- adjusted for what he calls a "treatment lag" -- showing Repatha reduced the risk of heart attack and stroke by 33%.
"There is no legitimate criticism you can make about the efficacy outcome, though you do have to be able to interpret the data," Harper said