CV Therapeutics falls; biotechs mixed
By Ted Griffith, CBS.MarketWatch.com
Last Update: 9:45 AM ET Dec. 8, 2003
BOSTON (CBS.MW) -- Biotechnology stocks were mixed in early trading Monday, with shares of CV Therapeutics tumbling ahead of a crucial regulatory review.
The Amex Biotechnology Index (BTK: news, chart, profile) dipped 0.3 percent, while the Nasdaq Biotechnology Index (NBI: news, chart, profile) edged up 0.3 percent.
CV Therapeutics (CVTX: news, chart, profile) plunged $2.80, or 16.7 percent, to $13.96. A Food and Drug Administration advisory panel on Tuesday is expected to make a recommendation on whether CV Therapeutics` experimental angina treatment, Ranexa, should be approved. The FDA typically follows the recommendations of its advisory panels.
Among the leading gainers, shares of American Pharmaceutical Partners (APPX: news, chart, profile) jumped $1.65 to $37.15. The drugmaker late Friday said its breast cancer therapy produced encouraging results in late-stage patient testing.
Ted Griffith is a reporter for CBS.MarketWatch.com
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