Genomic Health, Insmed Lead as Biotechs Gain
by H.S. Ayoub
BioHealth Investor.com
Both the Nasdaq (^NBI) and Amex (^BTK) biotech stock indices gained on Wednesday as biopharmaceutical and medical device stocks had a generally good day on Wall Street.
Shares of Genomic Health (GHDX) jumped more than 18% to $24.48 as the company’s Oncotype DX cancer test will now be covered by UnitedHealth (UNH). The DX tests the probability of breast cancer recurrence of diagnosed patients.
Insmed Inc. (INSM) gained more than 22% to $1.26 after the Italian Ministry of Health requested that the company make IPLEX available to physicians treating patients with Amyotrophic Lateral Sclerosis (ALS), or Lou Gehrig’s Disease. The request came after Italian courts ordered the Italian National Health System to provide the drug to patients who have petitioned for its use. Insmed will provide IPLEX through an agreement with Cephalon (CEPH) who has patent rights to the drug.
Related articles:
- RNAi developments by Alnylam, CytRx Highlight Tuesday’s Biotech News
- Biotech Indices Mixed as AMEX Gains, Nasdaq Slips
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