Healthcare stocks were mostly lower today with the NYSE
Healthcare Sector Index slipping about 0.4% and shares of
healthcare companies in the S&P 500 down about 0.7% as a
In company news, Cytokinetics, Inc. (
) shares plunged nearly 63% Friday, falling to a 16-month after the
biotech company said its experimental treatment for Lou Gehrig's
disease failed to achieve its primary endpoint for Phase II
The study was intended to measure the efficacy of the company's
Tirasemtiv drug candidate in patients with amyotrophic lateral
sclerosis, or ALS. One of the secondary endpoints in the study also
tried to measure how Tirasemtiv worked to improve respiratory
function in ALS patient, producing mixed results.
"Patients with ALS desperately need new therapeutic alternatives
to slow the course of their disease and loss of function," CEO
Robert Blum said in prepared remarks. "We stand with the ALS
community in our disappointment [the trial] did not achieve its
primary efficacy endpoint."
CYTK shares were down 62.9% at $4.82, just a penny off its
session low and matching some of the stock's lowest share prices
since December 2012. Over the past 12 months, the stock is down
In other sector news,
(+) EW, Q1 revenue grows 5.2% year over year to $522.4 mln,
trailing analyst estimates by $2.03 mln. Net income decline from
$1.24 per share last year to $0.56 per share. Ex items, adjusted
EPS of $0.76 tops Street view by $0.07 per share.
(-) PKI, Q1 earnings of $0.46 per share top Capital IQ consensus
by $0.02. Estimate of $0.44; revenues rose 5.2% year over year to
$531.9 mln, matching estimates. Issues in-line FY14 EPS guidance of
$2.42 to $2.46 per share.