Healthcare Stocks Declining Near Bell; Albany Molecular Research Slides 11% After Antidepressant Shelved

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Healthcare stocks are lower with the NYSE Healthcare Sector Index sinking 0.3% and shares of healthcare companies in the S&P 500 down 0.4% as a group.

In company news, Albany Molecular Research Inc. ( AMRI ) is down nearly 11% at $10.62 a share, putting a little more distance from its $9.82 session low after Bristol-Myers Squibb ( BMY ) this afternoon said it was ending development of the company's BMS-820836 drug candidate, terminating Phase III testing of the antidepressant.

BMY said its decision followed the investigational triple reuptake inhibitor failing to meet primary endpoints during a pair of Phase IIb studies with patients that have not responded to other drug therapies.

AMRI said while BMS-820836 has provided research and milestone payments for more than seven years, it does not expect BMY's move will have any impact on its future financial performance - including its Q3 and FY13 guidance updated last week.

It also said it is continuing discussions with BMY about other potential drug treatments for treatment-resistant depression and other central nervous system disorders.

In other sector news,

(+) GALT, FDA grants 'Fast Track' designation for the company's drug candidate to treat fatty-liver disease.

(-) VICL, Scraps experimental melanoma therapy after the drug failed to perform significantly better than current chemotherapy treatments.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Commodities

Referenced Stocks: AMRI , BMY

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