UPDATED: Axovant routed after Pfizer flags failure of rival Alzheimer's drug
Source: Fierce Biotech article today
February 2, 2016 | By John Carroll
Pfizer ($PFE) has quietly shuttered a Phase II Alzheimer's drug study, noting the termination in a pipeline update released today with its annual numbers for 2015. And shares of Axovant ($AXON) tumbled 25% on the news as it faces fresh questions about the implications of the failure on a similar drug it has pushed into a Phase III trial.
According to clinicaltrials.gov, Pfizer--which has invested heavily in Alzheimer's R&D over the years--opted to end the study of PF-05212377 on Oct. 23 based on futility, or a conclusion that the drug would fail the key endpoint laid out for it. The move puts the spotlight on the drug's mechanism of action, raising fresh questions about the likely efficacy of other drugs that try to safeguard cognitive abilities by targeting the serotonin 6 receptor (5-HT6).
"We decided to terminate the Phase II study (B2081011) of our investigational program PF-05212377 following an External Data Monitoring Committee recommendation after a planned unblinded review of the interim efficacy data," noted a spokesperson for Pfizer in a response to a query from FierceBiotech. "We're currently evaluating next steps for this program, including plans for publishing the results of this trial."
Yes, biotech is in a bear market was among first sectors to reach that status. I have no advice other than to sell into strength, hold strong stocks like HZNP, but by trading when it rips, and buying when it dips you can lower your cost average and eventually make money.
Looks to me like we will have a recovery rally in here for the sector before retracing to new lows, should that happen. One cannot be sure, this market can surprise either direction.
Still buying occasionally, four adds in last week, avg 1.84 for the new shares. It's likely tougher and longer getting back to where we were unless the biotech indexes and Etf's recover broadly. The sector is in rough shape. Not going anywhere.
My buys since WM data release include lots at 1.70, 1.77, 1.79, and 1.94 Friday. It's only natural to feel your conviction and courage increasing when it's edging up as opposed to in free fall. Nice to see the bottom in place and correlation the the last time it visited $1.93 ever so briefly. NY, now I can resonate with your view. The Street featured it Friday in their "5 stocks heading for possible breakouts" article. Let's roll!
From the looks of this chart, the Company has sure lived up to it's name. What I want to know is this, are there any longs here who believe this is a good buy at $6.00 and give me a long thesis to support an entry next week? One seventh of its share price high in less than 8 months, is there a last man standing that saw $45?
Hey, keep your posting of facts here, it's appreciated. Maybe the market is waking up, we'll see. Today was just getting partially back what we lost in the previous two days, February should be amazing!
I'm going bigger here after dropping my shares of MRNS. I will come back to MRNS if Fragile X disappoints. i did add to this today and have high expectations for the name. Thanks for the post!
Great, another $1.00 up and I'll be back to whole. As I was selling 13,000 shares at $3.33 last month, I wondered quietly "why not sell all?" But then said to myself "no, I'll wait for the rest of my shares to get to long term status and harvest this next year". I was thinking $7.00 at least, after all the effort, the head time, posting on this board, you know. I wasn't thinking about macro market risk, saw biospec's posts and while I considered the possibility, decided to trust the future and here I am! It would have been nice to have sold at $4.00, missed the waterfall drop in our share price and patiently wait to buy twice as many shares, but alas, I remain committed and beholden to my shares. I can re-do this, fortunately. Good man!
It ended well, one day doesn't make up but it's a start! Couldn't resist adding more shares today. I am looking for a run to S&P 2164-2180 range, with possible overshoot to 2100. At that point, take profits or ride it down hard is what my experts say.
Also: "Foundation Medicine CEO Dr. Michael Pellini said various Medicare decision-makers suggested that other regional groups would likely follow Palmetto’s lead, so the company “spent two years educating Palmetto” about its test. But a draft proposal from the group that makes coverage decisions for Massachusetts, issued in October, does not bode well, the company said. An updated decision is expected soon.Pellini said that companies working in this field are not being told what kind of data the Medicare decision-makers or private insurers want to see, increasing their uncertainty. And without reimbursement, it’s on the companies to cover the cost of enough tests to show that testing leads to better outcomes for patients and, ideally, lower treatment costs.“We simply have to shoot in the dark and hope that one of the bullets hit the bullseye,” Pellini said.In the meantime, Foundation Medicine is not being reimbursed for tests performed on Medicare patients, accounting for about 30 percent of their testing. Private insurers pay $3,500 for Foundation’s leading test when they do cover the cost."
Hi loko, I opened up a new position today after watching it for several years from over $4 to $0.88. With the change in CEO and his comments, after reading the vibe here, I came back in with a first lot today at 1.20. Good to see you and some others are still loyally hanging on. GLTU
OK, we need something to reverse this pattern of The January effect! Worst January on record. I will leave the market altogether if we can't see a positive change soon.
The Chart Pattern Trader, and what I see since December have me convinced it's a safer call to listen to your proclamations than to the consensus views expressed here that have been all wrong. I was errant in not thinking independently from the red thumbs. It has forced me to re-evaluate how I make decisions to trade within the broader market.
There are 192 stocks in the IBB, this afternoon I added all the symbols of these stocks into a folder on my stockcharts subscription. Then I used candleglance to view the charts quickly. Almost all are pegged to the bottom of the charts, NEOS was the biggest gainer up 42%. I took off my position here today. I had some gains from my early trade in this stock, but leaving today wiped out those gains, and more by a $1,000.
We are so strongly correlated with IBB that we don't trade on our own metrics. That is down hard, so are we. Until the ER we are in lock step with what is going on in the sector, and it's upsetting. The top ten stocks in their holdings are getting crushed, same with XBI. One of these funds has HZNP, it must be why.