Diamonds and Dogs
Synageva BioPharma Corp. (GEVA)
Synageva is doubling its investors' money today, up 112.84% to $204.00. The biopharmaceutical company saw its shares explode after news that Alexion Pharma would buy Synageva for $8.4 billion. Alexion is interested in Synageva's pipeline which includes; Kanuma, a potential treatment that's currently being reviewed by the Food and Drug Administration, which is expected to decide by September whether to approve it. Kanuma treats lysosomal acid lipase deficiency, a disease that causes the buildup of fatty material in the liver and blood vessels and can cause serious health problems or death. Shares of Synageva rallied over $108.00 today to a new 52-week high of $215.74.
Ardelyx Inc. (ARDX)
Ardelyx Inc. is sliding lower today, down 24.56% to $8.23. The metabolic and gastrointestinal company saw its shares tank after releasing results from its Phase 2a trial. The 154-patient Phase 2a clinical trial evaluating tenapanor in Stage 3 chronic kidney disease patients with type 2 diabetes mellitus and albuminuria did not meet the primary endpoint of decreasing the urinary albumin-creatinine ratio in tenapanor-treated patients compared to patients receiving placebo.Shares of Ardelyx fell over $2.75 today to a new 52-week low of $7.95.
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