Sepracor was trading up 75 cents, or 2.8%, to $28.16, while GSK was up 93 cents, or 1.8%, at $53.98. Moving the other direction was Trubion Pharmaceuticals ( TRBN), which said after the market close on Monday that midstage trial results indicated a single, intravenous dose of rheumatoid arthritis drug TRU-015 was more effective than a placebo in treating arthritis symptoms. But Trubion also said its development strategy for TRU-015 will probably include another study before it moves to late-stage testing. Shares gave up $5.46, or 28.6%, to $13.61. And shares of King Pharmaceuticals ( KG) fell $1.03, or 7.2%, to $13.23, Tuesday after a court found patent claims behind its top-selling drug, the blood pressure medication Altace, were invalid. A lower court had ruled in favor of King and Sanofi-Aventis ( SNY), which co-market the drug, holding that Indian drugmaker Lupin's application for a generic version of Altace infringed on the drug's patent. However, the U.S. Court of Appeals for the Federal Circuit ruled in favor of Lupin. The Amex pharmaceutical index, which includes King, was up nonetheless by 2.28, or 0.68, to 338.01.
Stocks soar as the gross domestic product rises at an annualized rate of 3.5% in the third quarter and continuing jobless claims fall. Gregg Greenberg recaps the action in The Real Story video (above).