Stocks closed down 1 percent after the minutes from the last Fed policy setting meeting suggested the central bank could begin tapering bond purchases sooner than the market expects.» Read More
Baxter International Inc. fell$. 48 or. 7 percent, to $71.67. Bristol-Myers Squibb Co. fell$. 25 or. 5 percent, to $46.75. Hospira fell$. 09 or. 3 percent, to $35.09.
May 23- Merck& Co has ended development of preladenant, an experimental drug for Parkinson's disease, after initial data from three late-stage trials proved disappointing. New Jersey- based Merck said the decision to discontinue the studies was not based on any safety findings.
Baxter International Inc. fell$. 58 or. 8 percent, to $71.72. Bristol-Myers Squibb Co. fell$. 21 or. 5 percent, to $46.19. Hospira fell$. 26 or. 7 percent, to $35.14.
CHICAGO, May 23- Kathrin Jansen is a microbiologist with at least two breakthrough vaccines to her name: she brought the cervical cancer vaccine Gardasil to market for Merck and helped develop the $4 billion a year pneumonia and meningitis vaccine Prevnar 13 for Pfizer.
*FDA panel says suvorexant safe, effective at lower doses. On Monday, the FDA's internal reviewers published a report expressing concern about suvorexant's potential to cause next-day sleepiness and impaired driving.
The advisory panel was convened to help the FDA decide whether to approve the drug, suvorexant, which would be the first in a new class of sedatives designed to help people fall asleep and stay asleep.
WASHINGTON, May 22- Merck& Co's experimental insomnia drug is safe and effective at the lower of two doses studied but not at the higher, a panel of medical experts said on Wednesday.
Stocks closed down 1 percent after the minutes from the last Fed policy setting meeting suggested the central bank could begin tapering bond purchases sooner than the market expects.
Baxter International Inc. rose$. 16 or. 2 percent, to $73.20. Bristol-Myers Squibb Co. rose $3.30 or 7.5 percent, to $47.36. Hospira rose$. 02 or. 1 percent, to $35.94.
NEW YORK-- A look at New York Stock Exchange 10 most-active stocks at 1 p.m.:. Bank of America Corp. rose 1.4 percent to $13.63 with 88,111,200 shares traded. Barrick Gold Corp. rose 1.8 percent to $19.71 with 16,112,200 shares traded.
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Some of the names on the move ahead of the open.
Merck inked a $5 billion share repurchase agreement with Goldman Sachs, as the drug giant looks to prop up shareholder value in face of competition from generics makers.
*Potential sales of $35 bln a year over next 10 years- Citigroup. That bullish sales forecast by analysts at U.S. bank Citigroup highlights the growing excitement surrounding so-called immunotherapy after positive results from clinical trials conducted by companies such as Bristol-Myers Squibb and Roche Holding.
Baxter International Inc. rose$. 10 or. 1 percent, to $73.04. Bristol-Myers Squibb Co. rose$. 30 or. 7 percent, to $44.06. Hospira fell$. 11 or. 3 percent, to $35.92.
Check out which companies are making headlines after the bell Tuesday:
Stocks closed higher but off their best levels after two Fed officials dampened speculation the central bank was ready to consider "tapering" its bond-buying.
NEW YORK-- A look at New York Stock Exchange 10 most-active stocks at 1 p.m.:. Advanced Micro Devices Inc. fell. 9 percent to $4.07 with 23,047,800 shares traded. Bank of America Corp. fell. 4 percent to $13.46 with 65,492,500 shares traded.
The ASCO meeting scheduled to begin on May 31st could generate a cornucopia of health care catalysts, said Jim Cramer.
May 20- Merck& Co's experimental insomnia drug suvorexant appears generally effective, according to reviewers at the U.S. Food and Drug Administration, but they questioned the company's proposed dosing levels.