Noteworthy Dampening expectations

Regeneron Pharmaceuticals Inc. stock responded negatively to the company's disclosure last week that there was no significant difference between drug and placebo in its Phase II trial of ciliary neurotrophic factor to treat amyotrophic lateral sclerosis. But the small size of the trial makes it impossible to draw many conclusions about CNTF's efficacy.

REGN shares had run up since late March, at least in part in anticipation of positive data. From $11.50 on March 24, the stock reached $21.50 on July 19 before settling into the upper teens. REGN shares lost $4.25 last week, closing at $15.50.