Healthcare Review: BG Medicine, Abbott Laboratories, Zogenix, Keryx Biopharmaceuticals, Biogen IdecBioMed Reports
Stocks edged up on Thursday, adding to Wall Street's biggest single-day rally in a year on Wednesday after a deal in Washington to avert the "fiscal cliff." Investors were more wary than in the previous sessions as they turned their focus to upcoming battles in Congress, including likely bitter fights over spending cuts and raising the federal debt ceiling. Wednesday's rally began 2013 with Wall Street's best performance in over a year after the House of Representatives passed a measure to avert the fiscal cliff, which could have caused a recession. Following are the notable movers at mid day on Thursday:BG Medicine, Inc. (NASDAQ:BGMD) shares jumped 19.39% to $2.77 after the company announced that the first automated version of the BGM Galectin-3 blood test has obtained a CE Mark. The BGM Galectin-3 test will be distributed through bioMerieux's VIDASimmunoassay platform which includes about 27,000 installed instruments worldwide.Zogenix, Inc. (NASDAQ:ZGNX) stock climbed 6.57% to $1.46 after the company announced positive early stage results for Relday, an investigational compound of a proprietary, once-monthly subcutaneous formulation of risperidone for the treatment of schizophrenia. The company said adverse effects were mild to moderate and consistent with other risperidone products.Abbott Laboratories (NYSE:ABT)stock gained 3.06% to $33.03 after the company yesterday said that it has completed the spin off of its research-based pharmaceuticals business into an independent company. The new biopharmaceutical company, named AbbVie, will begin trading independently on the New York Stock Exchange today under the symbol "ABBV".Keryx Biopharmaceuticals (NASDAQ:KERX) shares decreased 3.78% to $2.67 after the company announced that earlier this week Congress passed legislation known as the American Taxpayer Relief Act of 2012, which, among other things, delays by two years the implementation of oral-only end-stage renal disease (ESRD) related drugs, including phosphate binders, in the bundled ESRD prospective payment system, until January 1, 2016. The legislation has been signed into law by the President.Biogen Idec Inc. (NASDAQ:BIIB)shares declined 1.25% to $148.14 after the company said it will discontinue development of dexpramipexole in amyotrophic lateral sclerosis (ALS) after a late-stage trial failed to show efficacy in primary and key secondary endpoints. The company said the EMPOWER Phase 3 trial investigating dexpramipexole in people with ALS did not meet its primary endpoint, a joint rank analysis of function and survival.