Biotech Movers: Acadia Rockets on Trial News

by Kyle Woodley | December 3, 2012 6:15 am

Biotech Movers: Acadia Rockets on Trial News

BiotechRecap630 300x227 Biotech Movers: Acadia Rockets on Trial News[1]Here’s a look at recent major developments and share moves in biotech stocks:

Array Pharmaceuticals (NASDAQ:ARRY[2]): Array Pharmaceuticals got a nice bump Friday on positive news concerning selumetinib, its treatment for patients with a mutated form of non-small cell lung cancer. A study led by Dana-Farber Cancer Institute scientists and published in The Lancet Oncology showed a treatment using selumetinib alongside chemotherapy was more effective in treating NSCLC than chemotherapy alone[3]. The study was sponsored by AstraZeneca (NYSE:AZN[4]), which owns the selumetinib license. ARRY shares finished up 9% on Friday and up 16% for the week, helping recover some ground lost after the company announced a secondary stock offering[5].

Supernus Pharmaceuticals (NASDAQ:SUPN[6]): Speaking of secondary stock offerings, Supernus Pharmaceuticals watched its shares shed more than 10% near Thursday’s end and another 19% Friday amid its own offering, in which SUPN priced 6 million shares at $8 apiece — roughly 20% less than Thursday’s close. Supernus develops treatments for central nervous system disorders including epilepsy, ADHD and depression. SUPN shares still remain up nearly 40% on the year, primarily pushed by tentative FDA approval[7] for epilepsy treatment Trokendi XR back in June.

Exelixis (NASDAQ:EXEL[8]): Exelixis shareholders were selling the news last Friday, driving shares down almost 7% after the company received FDA clearance for its medullary thyroid cancer drug cabozantinib, which the company will brand Cometriq. EXEL also is testing the drug for a number of other conditions[9], such as multiple myeloma and several forms of cancer. The drug will compete against AstraZeneca’s Caprelsa.

Acadia Pharmaceuticals (NASDAQ:ACAD[10]): Acadia Pharmaceuticals more than doubled last week after a late-stage trial showed promise for its Parkinson’s disease treatment pimavanserin. Patients who used the drug showed “significant improvements in nighttime sleep, daytime wakefulness and caregiver burden.” ACAD shares jumped 136% Tuesday following the release of the study’s results; the company says it will continue trials before applying for FDA approval. Acadia finished the weak up 134%.

Idenix Pharmaceuticals (NASDAQ:IDIX[11]): Idenix was helped upward last week after Deutsche Bank (NYSE:DB[12]) initiated coverage of the stock with a “buy” rating, citing a target of $7 from its Tuesday price of around $4.50. The bank is optimistic about the company’s hepatitis C treatment[13], IDX-184.

Kyle Woodley[14] is the Assistant Editor of InvestorPlace.com[15]. As of this writing, he did not hold a position in any of the aforementioned securities. Follow him on Twitter at @IPKyleWoodley[16].

Endnotes:
  1. [Image]: http://investorplace.com/hot-topics/biotech-movers/
  2. ARRY: http://studio-5.financialcontent.com/investplace/quote?Symbol=ARRY
  3. was more effective in treating NSCLC than chemotherapy alone: http://www.thepharmaletter.com/file/118427/first-success-of-selumetinib-a-targeted-therapy-in-most-common-nsclc.html
  4. AZN: http://studio-5.financialcontent.com/investplace/quote?Symbol=AZN
  5. ground lost after the company announced a secondary stock offering: http://investorplace.com/2012/11/biotech-movers-sequenom-soars-on-blood-test-success/
  6. SUPN: http://studio-5.financialcontent.com/investplace/quote?Symbol=SUPN
  7. tentative FDA approval: http://www.reuters.com/finance/stocks/SUPN.O/key-developments/article/2563123
  8. EXEL: http://studio-5.financialcontent.com/investplace/quote?Symbol=EXEL
  9. testing the drug for a number of other conditions: http://www.businessweek.com/news/2012-11-29/exelixis-s-thyroid-cancer-treatment-gains-u-dot-s-dot-approval
  10. ACAD: http://studio-5.financialcontent.com/investplace/quote?Symbol=ACAD
  11. IDIX: http://studio-5.financialcontent.com/investplace/quote?Symbol=IDIX
  12. DB: http://studio-5.financialcontent.com/investplace/quote?Symbol=DB
  13. is optimistic about the company’s hepatitis C treatment: http://www.istockanalyst.com/finance/story/6163044/idenix-pharmaceuticals-idix-initiated-as-buy-by-deutsche-bank-pt-7
  14. Kyle Woodley: http://www.investorplace.com/author/kyle-woodley/
  15. InvestorPlace.com: http://investorplace.com/
  16. @IPKyleWoodley: https://twitter.com/#!/ipkylewoodley

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