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Health and Healthcare

Abbott’s Hep-C Pressures All Hep-C Rivals (ABT, RIGL, GILD, VRTX, IDIX)

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By Jon C. Ogg Updated Published
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News from Abbott Laboratories (NYSE: ABT) on its positive Phase II study results from two different interferon-free hepatitis C treatment has the entire drug sector up in arms as it pertains to Hepatitis C drugs.  The 91%, 93%, and 95% response rates that were initially seen in the report were more than impressive.  The news is spooking investors in other Hepatitis C drug players as you can see:

Rigel Pharmaceuticals (NASDAQ: RIGL) has a study under way and its shares are down 4% at $7.95.

Gilead Sciences Inc. (NASDAQ: GILD) has already taken it on the chin once and maybe it should feel lucky that its drop is only 1% at $47.61 so far today.

Vertex Pharmaceuticals Inc. (NASDAQ: VRTX) is down 1.5% at $41.17 on the day.

Idenix Pharmaceuticals Inc. (NASDAQ: IDIX) is the worst of the lot that we have seen with a drop of 14.4% at $8.75.

Investors over the longer-term should be reminded that unless Abbott is allowed to skip a lot of the testing that it could still be quite some time before its Hepatitis C treatment even comes up for the traditional FDA approval process.  We are nearly in mid-2012 already, and that could put the time frame out to 2014 or even longer.

JON C. OGG

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About the Author Jon C. Ogg →

Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.

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