MW : Biotech stocks gain; Anika rockets on drug approval
The NYSE Arca Pharmaceutical Index (DRG 280.87, +0.53, +0.19%) was down nominally at 280.09 while the NYSE Biotechnology Index (BTK 872.60, +12.65, +1.47%) rose 1% to 870.88.
Anika Therapeutics (ANIK 7.49, +2.43, +47.97%) was an early winner among the small-cap stocks, with shares rocketing over 50% to $7.67.
The company said Thursday it has received approval from Canadian regulators to market Monovisc, an injected treatment for osteoarthritis of the knee. The product is already on the market in the European Union.
Cerus Corp. (CERS 2.23, -0.65, -22.57%) shares retracted over 20% to $2.24.
Cerus' shares shot up over 80% on Wednesday after it announced Swiss regulators had approved the use of certain components of its Intercept Blood System, which is used to help inactivate blood-borne pathogens in donated blood.
