Healthcare stocks are mostly lower in afternoon trade with the
NYSE Healthcare Sector Index sliding about 0.7% and shares of
healthcare companies in the S&P 500 down about 0.9% as a
In company news, Cleveland BioLabs (
) shares slid to an all-time low of 63 cents apiece, recovering
only slightly in later trade after saying the Biomedical Advanced
Research and Development Authority has ended talks over further
development of its Entolimod drug candidate as a medical radiation
countermeasure in cancer patients.
In prepared remarks, CBLI executives indicated the BARDA
decision appears to be tied to funds availability. "We are moving
forward with our plan to pursue pre-Emergency Use Authorization"
for Entolimod, said CEO Yakov Kogan, adding the company also plans
to continue work on other oncology drug candidates.
Shares were down nearly 34% shortly before the closing bell at
75 cents each. Volume also has been extremely heavy, with more than
4.75 million shares exchanged - or nearly 27 times its average
daily volume over the past three months.
In other sector news,
(+) TXMD, (+2.3%) Receives U.S. Patent, "Natural Combination
Hormone Replacement Formulations and Therapies," covering the
company's platform technology and its drug candidate to treat
menopausal symptoms by replacing 17 beta-estradiol and progesterone
(+) VAR, (+1.0%) Earns $0.91 per share in Q1, matching analyst
expectations, on $712 mln in revenue - trailing the Capital IQ
consensus by $6 mln. Forecasts FY14 EPS of $4.22 to $4.34,
straddling estimates. Sees Q2 earnings of $1.00 to $1.04 per share,
missing expectations by at least $0.06.