Axcan downgraded to sell by Merrill

Axcan Pharma Inc. was lowered to sell from neutral by Merrill Lynch analyst Hari Sambasivam on news that the ITAX failed to meet the primary endpoints in the international phase 3 study in functional dyspepsia. The company did not provide any details regarding efficacy but indicated that the drug failed both co-primary endpoints and the two different statistical analysis plans. Axcan has deferred any further comment on information pending complete analysis of the data. Shares of the Mont-Saint-Hilaire, Quebec, pharmaceutical company were down $4.57, or 27.99%, at $11.76 on volume of 15,391,901 shares versus the three-month running average of 351,485 shares. (Nasdaq: AXCA)

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.