Shares of OrthoLogic ( OLGC) were among the worst-performing health-related stocks Wednesday, plunging 49% after the company said its wrist-fracture treatment did not show a statistically significant benefit in a phase III clinical trial. The study's primary endpoint, time to removal of immobilization, was statistically insignificant when compared to a placebo. A secondary endpoint, radiographic evidence of time to radial cortical bridging, did prove statistically significant, however. The company said that it didn't find any differences between its synthetic-peptide Chrysalin treatment and a placebo in other secondary endpoints, though. "We will be conducting a full examination of these results in order to guide our program going forward, including a planned interim analysis of results from the ongoing phase 2b dose-ranging trial of Chrysalin in distal radius fractures, which includes a 30ug dose," the company said. OrthoLogic said it expects to discuss the results of the interim analysis during the third quarter. Shares were trading down $2.55 to $2.64. Somanetics ( SMTS) slid 10% after the medical-device company posted first-quarter results that fell below expectations. The company earned $988,287, or 8 cents a share, on revenue of $5.8 million. Analysts polled by Thomson First Call expected earnings of 9 cents a share on revenue of $6.7 million. During the year-earlier period, the company earned $563,926, or 5 cents a share, on revenue of $4 million. Looking ahead, Somanetics continues to see 2006 earnings of 40 cents to 42 cents a share on revenue growth of about 50%. Analysts project earnings of 41 cents a share on revenue of $30.2 million, or revenue growth of about 47%. Shares were trading down $2.32 to $21.53. Shares of GenVec ( GNVC) rose 4% after the biotechnology company posted a smaller-than-expected fourth-quarter loss. The company reported a loss of $4.1 million, or 6 cents a share, on revenue of $7.8 million. Analysts expected a bigger loss of 9 cents a share on revenue of $5.3 million. During the year-earlier quarter the company posted a loss of $3.7 million, or 7 cents a share, on revenue of $3 million.
Looking ahead, GenVec sees 2006 revenue of about $20 million. Analysts project revenue of $19.1 million. Shares were trading up 8 cents to $2.18. CancerVax ( CNVX) fell 6% after the biotech company posted a wider-than-expected fourth-quarter loss. The company reported a loss of $15.8 million, or 57 cents a share, on revenue of $1.7 million. Analysts expected a loss of 49 cents a share. During the year-earlier period, the company posted a loss of $14.3 million, or 53 cents a share, on revenue of $1.5 million. Shares were trading down 18 cents to $2.97. Shares of Progenics Pharmaceuticals ( PGNX) rose modestly Wednesday even though the company posted a wider-than-expected fourth-quarter loss. The company reported a loss of $32.7 million, or $1.34 a share, on revenue of $2 million. Analysts expected a loss of 51 cents a share on revenue of $3.3 million. During the year-earlier period, the company posted a loss of $10.3 million, or 60 cents a share, on revenue of $3.3 million. Expenses climbed to $35.8 million in the recent period, up from $13.8 million a year earlier. "The primary reasons for the increases in expenses were the company's acquisition in 2005 of certain rights for our lead investigational drug, methylnaltrexone (MNTX), from several of our licensors, increased costs in our development programs, increased headcount, and increased patent and legal expenses," the company said in a statement. Shares were trading up 27 cents to $27.76. Other health care volume movers included Pfizer ( PFE), down 3 cents to $25.94; Human Genome Sciences ( HGSI), up 27 cents to $11.16; Novavax ( NVAX), up 4 cents to $6.69; Elan ( ELN), up 6 cents to $14.96; Johnson & Johnson ( JNJ), up 23 cents to $59.52; Boston Scientific ( BSX), down 21 cents to $22.74; Amgen ( AMGN), down 16 cents to $74.85; Generex Biotech ( GNBT), up 15 cents to $2.46; Schering-Plough ( SGP), down 4 cents to $18.38; Merck ( MRK), down 13 cents to $34.97; and Bristol-Myers Squibb ( BMY), down 14 cents to $22.77.