Tuesday, September 7, 1999
After jacking up as high as $19 intraday on Friday, CV Therapeutics
(CVTX) finally slipped $1.375 to $18.125 on 483,300 shares on Friday on news
of its plans to float a 4 million share follow-on, but the cardiovascular company
avoided the haircut that usually comes on the heels of a flotation announcement.
The stock still gained $2.625 (17 percent) on the week as investors remained
encouraged by positive data from the first of two Phase III trials of ranolazine
to treat angina. Prior to the data announcement in mid-August, CVTX was trading
in the $5-$6 range (see BioCentury, Aug. 23). Friday's close values CVTX
at $223 million.
Hoping for a hat trick
Vertex (VRTX) added $1 to $28.75 on 361,800 shares on Thursday after
expanding its 1993 inflammatory disease collaboration with Hoechst Marion Roussel, widely reported as a $206 million deal. But the compound must be
successfully developed for three indications - rheumatoid arthritis, osteoarthritis
and an undisclosed inflammatory condition - in order to hit those numbers (see
B5). The momentum continued nonetheless, with VRTX closing Friday at $33.50,
up $5.813 (21 percent).