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US Drug Stocks Lower With The Broader Market

Val Brickates Kennedy Wall Street Journal 03/30/2009 15:24
US Drug Stocks Lower With The Broader Market - drug - stock


Most drug stocks fell Monday with the broader market on news of an Obama Administration plan for the auto industry that could eventually include bankruptcy filings for General Motors Corp. (GM) and Chrysler.



The Amex Pharmaceutical Index fell nearly 1% to 240 and the Amex Biotechnology Index fell 3.4% to 628. The Dow Jones Industrial Average recently fell 3.5% to 7504.98.

Eli Lilly & Co. (LLY) shares fell $1.31, or 3.9% at $32.44. On Sunday, Lilly reported inconclusive results from a mid-stage clinical trial for its new schizophrenia medication mGlu2/3. Despite the setback, Lilly plans to pursue further testing of the compound, which it says carries fewer negative side effects than other antipsychotic leading medications.

Lilly already markets one of the most widely-prescribed antipsychotic therapies, Zyprexa.


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