Below we highlight several health care companies whose stocks are trading higher on Tuesday 11/29.
Shares of Inhibitex (NASDAQ:INHX) traded more than 20% higher after the company reported top-line safety and antiviral data from an ongoing Phase 1b extension trial of INX-189. The company reported that In the ongoing trial, 100 mg INX-189 continued to demonstrate potent and dose-dependent synergistic antiviral activity with a median HCV RNA reduction from baseline. Further, 100 mg INX-189 in combination with RBV was well tolerated and there were no serious adverse events. The company also reported that, subject to regulatory review, it plans to further expand its ongoing Phase 1b extension trial, which it expects to completed in Q1 of 2012. INX-189 is a Phase 2 development program and is in development for the treatment of chronic HCV infections.
Shares of Onyx Pharma (NASDAQ:ONXX) traded more than 4% higher after the company announced that the FDA accepted the NDA for Carfilzomib for the treatment of relapsed and refractory multiple myeloma. For some background, multiple myeloma is the second most commonINHX hematologic cancer and results from an abnormality of plasma cells, usually in the bone marrow.
Qiagen (NASDAQ:QGEN) shares traded modestly higher after the company announced several restructuring initiatives that it planned to implement over the end of 2011 and through 2012. The initiatives included a 8-10% workforce reduction, and would result in a $70 mln restructuring charge to be recognized in the fourth quarter. The company noted that the restructuring would not impact QGEN's previously issued outlook for 2011. In addition to the $70 mln charge in 2011, the company expects approximately $20 mln to occur in 2012.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.