NPS down on Preos news
NPSP was off $8.71 (28%) to $22.72 on 9.6 million shares on Thursday after the company said in its 10-Q filing that supply issues for its Preos injectable recombinant human parathyroid hormone may "curtail, modify or postpone current clinical trials." Preos (formerly ALX1-11) is in a Phase III trial in more than 2,600 patients for osteoporosis. The company said it has sufficient clinical supplies of Preos to meet the needs of its current clinical trials into the third quarter of 2002, but noted that "our current manufacturer of finished clinical supplies is not currently able to produce clinical supplies that meet our release specifications." Based on the news, Merrill Lynch analyst Eric Ende downgraded the stock to "buy" from "strong buy." He said the timing of Preos's launch "has become increasingly uncertain." ...