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 Biopharmaceutical company Durect Corp.'s shares slid 12% in premarket trade Friday, after a U.S. Food and Drug Administration committee ended a meeting to review the company's Posimir treatment for post-surgical pain with a split vote, as six members voted to recommend the treatment and six voted against. The stock was halted all day Thursday, ahead of the meeting. "We are encouraged by the support from a number of the Committee members," Chief Executive James Brown said in a statement. "We continue to believe the data meets all of the regulatory requirements and that the weight of the evidence supports approval. We look forward to working with the agency as it completes its review of the POSIMIR application." The FDA is not obliged to take the recommendation of the committee, called the Anesthetic and Analgesic Drug Products Advisory Committee, although it often does. Durect shares have gained 322% in the last 12 months, while the S&P 500 has gained 26%.
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Shares of International Business Machines Corp. are off 0.8% in Friday morning trading after Morgan Stanley analyst Katy Huberty downgraded the stock to equal weight from overweight. She wrote that Morgan Stanley's recent survey of chief information officers "provides new evidence of core IBM revenue declines, particularly in software and services." The downgrade comes as IBM is due to report fourth-quarter earnings Tuesday afternoon. Huberty expects the company to give a full-year earnings outlook on its conference call, and her earnings-per-share estimate of $12.80 for calendar 2020 is below the $13.28 FactSet consensus and would be flat with what analysts expect for calendar 2019. IBM shares have gained about 2% over the past three months, as the S&P 500 has added 11%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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