Health and Healthcare
Abbott's Hep-C Pressures All Hep-C Rivals (ABT, RIGL, GILD, VRTX, IDIX)
Published:
Last Updated:
News from Abbott Laboratories (NYSE: ABT) on its positive Phase II study results from two different interferon-free hepatitis C treatment has the entire drug sector up in arms as it pertains to Hepatitis C drugs. The 91%, 93%, and 95% response rates that were initially seen in the report were more than impressive. The news is spooking investors in other Hepatitis C drug players as you can see:
Rigel Pharmaceuticals (NASDAQ: RIGL) has a study under way and its shares are down 4% at $7.95.
Gilead Sciences Inc. (NASDAQ: GILD) has already taken it on the chin once and maybe it should feel lucky that its drop is only 1% at $47.61 so far today.
Vertex Pharmaceuticals Inc. (NASDAQ: VRTX) is down 1.5% at $41.17 on the day.
Idenix Pharmaceuticals Inc. (NASDAQ: IDIX) is the worst of the lot that we have seen with a drop of 14.4% at $8.75.
Investors over the longer-term should be reminded that unless Abbott is allowed to skip a lot of the testing that it could still be quite some time before its Hepatitis C treatment even comes up for the traditional FDA approval process. We are nearly in mid-2012 already, and that could put the time frame out to 2014 or even longer.
JON C. OGG
Start by taking a quick retirement quiz from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes, or less.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.