Published on February 15, 2014
3 Horrendous Health-Care Stocks This Week
Much of the U.S. was snowed under this week. Several health-care stocks unfortunately had the same experience -- with shivering plunges in share prices. Source: Wikimedia Commons.
Prana Biotechnology (Nasdaq: PRAN) The stock of the biotech focusing on neurological disorders dropped nearly 27% for the week.
Why Prana was pummeled • Summer Street analyst Bart Classen cast doubt on prospects for PBT2 in treating Alzheimer’s disease. • Classen thinks Prana’s phase 2b results for PBT2 don’t show statistically significant improvement. • PBT2 is also in phase 2a clinical trials targeting treatment of Huntington’s disease.
Galena BioPharma (Nasdaq: GALE) Shares of this biotech careened more than 24% this week.
Why Galena shares tanked • TheStreet’s Adam Feuerstein published a damaging article on Wednesday. • The article reported that Galena was linked to a stock-promotions firm that allegedly uses questionable tactics at the same time that insiders were selling. • Galena responded to the article – but only after a huge drop in its stock price.
The Medicines Company (Nasdaq: MDCO) The drugmaker’s shares fell nearly 14% this week.
Why The Medicines Company shares sank • An FDA advisory committee recommended against approval for antiplatelet agent cangrelor. • Concerns were voiced about the design of cangrelor’s clinical study. • The FDA isn’t bound by the recommendation – and makes its decision for approval by April 30.
Best shot at bouncing back? • Galena should have a reasonable chance at rebounding. • Insider selling after rising nearly 250% between Nov. 1 and Jan. 16 isn’t surprising. • Galena’s pipeline holds potential for the future.
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