Healthcare Business Recap: Orexigen RIDES Arena, Anthera IMPLODES
Shares of Synta Pharmaceuticals (NASDAQ:SNTA) lose a third of their value on the day, following word of mixed interim results from a Phase IIb/III trial of its ganetespib treatment for lung cancer. The firm is currently evaluating the med used in combination with docetaxel, a leading chemotherapy.
Orexigen Therapeutics (NASDAQ:OREX) shares move (way) up again Thursday, riding the FDA approval of Arena Pharmaceuticals’ (NASDAQ:ARNA) Belviq weight loss drug. Shares were moved up to Overweight by JPMorgan, which said that they “stand to be the biggest beneficiary”, since approval for OREX’ own weight loss med, Cintrave, remains far in the future The situation leaves a valuation gap with competitors whose drugs are closer to being okayed.
Shares of Anthera Pharmaceuticals (NASDAQ:ANTH) are down more than 70 percent on the day, as the firm’s Phase 2 dosing studies of its once-a-week lupus medication failed to meet its primary goal. The development is now forcing the Anthera to revise plans for follow-up trials.
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