Tuesday, September 7, 2010

Day Trader's Alert: IDIX, CASY, RSCR

Shares of Idenix Pharmaceuticals, Inc. (NASDAQ: IDIX) slumped more than 44% after it announced today that the company received verbal notice on Friday, September 3, 2010 from the U.S. Food and Drug Administration (FDA) that the IDX184 and IDX320 programs have been placed on clinical hold. A clinical hold is an order issued by the FDA to the sponsor to delay a proposed clinical investigation or to suspend an ongoing investigation. This decision was made after Idenix notified the FDA of three serious adverse events that occurred during a drug-drug interaction study of the combination of IDX184 and IDX320 in healthy volunteers. These observed serious adverse events were elevated liver function tests detected in three subjects during post exposure safety visits. The liver function tests have returned to nearly normal levels in all three subjects during follow-up. All planned studies of IDX184 and IDX320 to date have been completed and there are currently no healthy volunteers or patients receiving IDX184 or IDX320. Idenix will submit full data to the FDA from recently completed preclinical and clinical studies, including 3-month chronic toxicology studies of IDX184, a 14-day study of IDX184 in combination with pegylated interferon/ribavirin (PegIFN/RBV), a 3-day proof-of-concept study of IDX320 in hepatitis C (HCV) infected patients, and the IDX184 and IDX320 drug-drug interaction study in healthy volunteers in order to assess next steps in the development of both compounds.

Shares of Casey's (NASDAQ: CASY) soared as much as 5% in pre-market trading following news that a third party has offered the company$40/share. Casey's board, however, said that it has reviewed this offer and determined that the bid undervalues the company.

Shares of ResCare, Inc. (NASDAQ: RSCR) rose more than 5% on Tuesday after it agreed to be acquired by Onex Partners III, L.P. for $13.25 per share. The all-cash offer represents a 30.7% premium to the closing price on August 13, 2010, the last trading day before Onex made its initial proposal.

Full Disclosure: None.
Related Posts with Thumbnails

Wikinvest Wire