Tuesday, March 10, 2009

HGS Shares Crash on New Trials Data

From BusinessWeek: "Shares of drug developer Human Genome Sciences Inc. were nearly cut in half Monday as Wall Street expressed disappointment over the company's latest study results for the developing hepatitis C drug Albuferon.

Shares plunged 76 cents, or 45 percent, to 94 cents in midday trading, after earlier slumping to 80 cents, its lowest point in at least 10 years.

On Monday, the Rockville, Md.-based company said Albuferon met its treatment goal of working as well as a current drug in a late-stage study. In the study, 900-micrograms of Albuferon given every two weeks prompted a sustained response rate in 48.2 percent of patients. Meanwhile, Switzerland-based Roche's Pegasys prompted a response in 51 percent of the patients


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