Ebb & Flow
Amid the sucking sound of the WTC market meltdown, Actelion (SWX:ATLN) was one of the few companies rewarded for key milestones last week (see Cover Story). The stock closed the week up CHF3 to CHF41 after the FDA issued an approvable letter for Tracleer bosentan to treat pulmonary arterial hypertension (PAH). But partner Genentech (DNA) fell $4.68 (11%) to $39.88 on the week.
Amgen (AMGN) also got no reward for FDA approval of its Aranesp darepoetin alfa to treat anemia associated with chronic renal failure and its filing of an sBLA for Aranesp to treat anemia associated with chemotherapy. The stock closed the week down $8.11 (13%) at $56.02 after slipping $1.47 to $59.38 on 20.1 million shares on Tuesday.
And solid Phase III data was not enough for Gilead (GILD) to keep its head above water. The stock inched up $1.20 to $50.25 on 4.7 million shares on Wednesday's news that 64% of patients with precore mutant chronic hepatitis B virus (HBV) had improved liver histology after receiving GILD's adefovir dipivoxil as monotherapy for 48 weeks in a Phase III trial (see B11).GILD shed $10.24 (18%) to $47.66. The company expects to file for U.S. and European approval in the first half of 2002.
Among the prior week's milestone winners, Idec (IDPH) closed Friday at $46.58, down $9.57 (17%) on the week. The stock dipped $2.21 to $53.94