Shares of Shire (SHPG) were down $3.22 or 1.85% in early trading Wednesday to $170.88 after the company said it would transfer its U.S. investigational new drug application for for Graft-Versus-Host Disease candidate Alpha-1 Antitrypsin to Kamada (KMDA) . The treatment is aimed at addressing complications from stem cell or bone marrow transplants.

Kamada is developing the drug in Europe. Kamada shares were down nearly 7% to $7.64.

Calithera Biosciences (CALA) was up to $16.10, a spike of 70 cents or 4.55%, after the FDA designated the company's lead product candidate, CB-839, in combination with Novartis' AFINITOR for Fast Track review for the treatment of metastatic renal cell carcinoma in patients who have received at least two prior lines of therapy.

Shares of Synergy Pharmaceutical (SGYP) rose 4.5% to $4.15 after the FDA accepted for review its supplemental New Drug Application for TRULANCE a candidate to treat irritable bowel syndrome with constipation. The FDA approved TRULANCE to treat chronic idiopathic constipation in January.

Over at Real Money, Bret Jensen looks at 4 Undervalued Biotech Stocks.

Also, Jim Cramer and the AAP team offer up stocks that will allow you to play it safe amid crazy politics.

In terms of volume, Johnson & Johnson (JNJ)  and Sanofi (SNY) were among the most actively traded stocks midmorning but were both only down less than a percent. 

Exact Sciences (EXAS) was trading at twice its daily volume and saw its shares fall about 6.6%, or $2.40, in early trading Wednesday to $34.19 apiece.

The Madison, Wisc.-based molecular diagnostics company said after markets closed on Tuesday that its underwriters, including Jefferies LLC, BofA Merrill Lynch and Robert W. Baird & Co. had acuired 7 million shares of commons stock with an option to buy about 1 million more.

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