By Val Brickates Kennedy
Drug stocks inched up in early action Monday as shares of
DepoMed Inc. (DEPO) sank after it released mixed Phase III clinical
data for its menopausal hot-flash treatment Serada.
Both the NYSE Pharmaceutical Index (DRG) and the NYSE Arca
Biotechnology Index (BTK) were up marginally at 290.98 and 915.93,
respectively.
Shares of DepoMed were down around 34% at $4.18.
Early Monday, DepoMed reported mixed preliminary Phase III data
for its Serada. The company said despite the results, it remains
hopeful about the program and plans to discuss a potential approval
path for the menopausal hot-flash treatment product with U.S.
regulators.
Shares of Amgen Inc. (AMGN) were up over 1% at $60.22. Analysts
at UBS raised their rating of the stock to buy.
Onyx Pharmaceuticals (ONXX) shares climbed 6% to $28.52. The
biotech group said it was buying privately-held Proteolix Inc. for
$276 million upfront, plus milestone payments down the road.
-By Val Brickates Kennedy, 415-439-6400;
AskNewswires@dowjones.com