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Biotechs see heavy action after drug study results

Reuters - UK Focus

(Updates to market open)

By Ryan Vlastelica

NEW YORK, Jan 8 (Reuters) - Biotechs were among the most active shares on Thursday, recording some of their biggest one-day moves on the back of strong results from drug studies.

While other issues in the sector posted big drops tied to drug studies, volume was high across the group, with some far above their 50-day averages in the first hours of trading.

Bind Therapeutics Inc (NasdaqGS: BIND - news) jumped 58 percent to $8.15 on volume of nearly 2 million shares. It was the stock's biggest one-day gain since going public in September 2013 and its heaviest day of trading. Late Wednesday, the company said it enrolled its first patient in a midstage trial for its lung cancer drug.

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About 22 million shares changed hands, making Bind one of the most active Nasdaq issues. Over the past 50 sessions, it has averaged under 180,000 shares.

Biodel Inc (NasdaqCM: BIOD - news) soared 23 percent to $1.79 one day after reporting positive preliminary data on its insulin drug, while Amicus Therapeutics Inc (NasdaqGM: FOLD - news) climbed 3 percent to $8.79 on the back of positive phase III data for its treatment for Fabry cardiac disease.

NephroGenex Inc (NasdaqCM: NRX - news) jumped 5.2 percent to $9.69 after the European Medicines Agency indicated the current phase III program for one of its drugs could be adequate for a marketing authorization application in Europe.

All three stocks also moved on volume well above their 50-day averages. Biodel had its busiest day since December 2013.

But some of the biotechs had down days. Infinity Pharmaceuticals Inc fell 8 percent to $15.03 after announcing it would stop testing its lead drug as a treatment for rheumatoid arthritis. The treatment failed the main goal in a midstage study.

Arena Pharmaceuticals Inc (NasdaqGS: ARNA - news) lost 4.7 percent to $5.58, pulling back from a 76 percent surge on Wednesday after the drugmaker said an experimental drug to treat autoimmune diseases showed promise in an early stage trial. With about 26.5 million shares traded, the stock was by far the most active on Nasdaq.

The Nasdaq Biotech index rose 0.4 percent, adding to its 3.6 percent advance on Wednesday. That was its biggest one-day jump since April 2014. (Editing by Jeffrey Benkoe)