Shares of Insys Therapeutics (INSY) rose 7.8% to $11.01 in premarket trading on Thursday on the heels of the Phoenix-based firm's announcement that the Drug Enforcement Agency has issued an interim final rule that would result in the company's Syndros (dronabinol oral solution) being placed in Schedule II of the Controlled Substances Act.
Syndros is a cannabinoid indicated in adults for the treatment of anorexia related to weight loss in patients with AIDS, and nausea and vomiting associated with cancer chemotherapy in patients that have not responded adequately to conventional antiemetic treatments. The Food and Drug Administration in July approved the new drug application for Syndros.
Meanwhile, shares of Ultragenyx Pharmaceutical (RARE - Get Report) were down 7.5% to $72.52. The Novato, Calif.-based company after the market close on Wednesday said a phase two study of UX007 in glucose transporter type-1 deficiency syndrome (Glut1 DS) patients with seizures did not meet the primary endpoint. "When evaluating each seizure type independently, treatment with UX007 did show a reduction in absence seizures captured on EEG, but not observable seizures captured by diary," Ultragenyx said.
Among the other biotech stock movers was Alexion Pharmaceuticals (ALXN - Get Report) , whose shares were up 2.2% to $122.72. The New Haven, Conn.-based company after the market close on Wednesday announced the submission of its application to Japan's Ministry of Labour and Welfare to extend the indication for Soliris (eculizumab) as a potential treatment for patients with refractory generalized myasthenia gravis (gMG) that are anti-acetylcholine receptor (AChR) antibody-positive.