DOW 190-POINT PLUNGE OCT. 13 PULLS DRUG STOCKS DOWN
DOW 190-POINT PLUNGE OCT. 13 PULLS DRUG STOCKS DOWN in the largest wave of selling to hit the "Street" since "Black Monday," Oct. 19, 1987. A sampling of NYSE drug stocks covered by the F-D-C Index shows declines paralleled Friday's 6.9% fall by the Dow Jones 30 Industrials, which nosedived 190.6 points, the second biggest single-day drop since the 508-point plummet nearly two years ago. Among selected drug stocks, Merck dropped 4-1/4 points (7.7%) to 72-3/4 from its Oct. 12 close; Upjohn slid 4-1/2 and 11.1% to 36; Syntex fell 3 points for the day to 43-3/8 (down 6.5%); Lilly was off 5-1/2 to 59-3/4, an 8.5% decline; Schering-Plough closed down 2-1/4 at 74, off 3% for the day; and Warner-Lambert dropped 8-1/2 points to end the week at 103-1/4, a 7.6% drop from the day before.
You may also be interested in...
Newly released Medicare Part D data sheds light on the sales hit that branded pharmaceutical manufacturers will face when the coverage gap discount program gets under way in 2011
FDA appears headed for a showdown with clinicians and the pharmaceutical industry over the proposed new clinical trial endpoints for acute bacterial skin and skin structure infections, the guidance's approach for justifying a non-inferiority margin and proposed changes in the types of patients that should be enrolled in trials
Specialty drug maker Shire has quietly begun scouting deals with a brand-new $50 million venture fund, the latest of several in-house investment arms to launch with their parent company's pipelines, not profits, as the measure of their worth