Shares of AstraZeneca surged yesterday after a takeover offer, lifting global equity markets on speculation of further corporate deal-making, while crude oil prices fell on increased US sanctions against Russia over the Ukraine crisis. US drugmaker Pfizer Inc said it made a £58.8 billion ($98.9 billion) bid for Britain’s AstraZeneca Plc after having two bids rejected, pushing shares in the healthcare industry higher.AstraZeneca plc (ADR) (NYSE:AZN) shares after opening at $79.69 moved to $79.90 on last trade day and at the end of the day closed at $77.01. Company price to sales ratio in past twelve months was calculated as 3.77 and price to cash ratio as 9.69. AstraZeneca plc (ADR) (NYSE:AZN) showed a positive weekly performance of 11.45%.
Lou Gehrig’s disease also known as amyotrophic lateral sclerosis (ALS) is a fatal progressive neurodegenerative disorder causing respiratory failures. In ALS, the nerve cells responsible for controlling voluntary muscles in brain and spinal cord are attacked. Cytokinetics, Inc. (NASDAQ:CYTK) was in research for a drug for the treatment of Lou Gehrig’s disease for past seven months. But the company suffered a setback when the compound called tirasemtiv, considered to be skeletal muscle activator did not bring out the desired results for patients with Lou Gehrig’s disease in a mid-stage study. The drug was tested upon 711 patients suffering from the disease against a placebo. It is a tough to treat disease. The drug failed to slow the fatal condition’s progression more than a placebo in a clinical trial. Tirasemtiv was thought to increase muscle sensitivity to calcium that could result in enhanced skeletal muscle force and slowing of time to muscle fatigue. Cytokinetics, Inc. (NASDAQ:CYTK) shares fell -2.83% in last trading session and ended the day on $4.46. CYTK return on equity ratio is recorded as -65.90% and its return on assets is -40.80%. Cytokinetics, Inc. (NASDAQ:CYTK) yearly performance is -42.82%.
Agenus Inc. (NASDAQ: AGEN) announced that the company has entered into a collaboration and license agreement with Merck, known as MSD outside the United States and Canada, through a subsidiary, for the discovery and development of therapeutic antibodies to immune checkpoints for the treatment of cancer. Under the terms of the agreement, Agenus will discover and optimize fully human antibodies against two undisclosed Merck checkpoint targets using the 4-Antibody Retrocyte Display® platform. Merck will be responsible for clinical development and commercialization of candidates generated under the collaboration. Agenus Inc (NASDAQ:AGEN) shares moved up 19.53% in last trading session and was closed at $3.06, while trading in range of $2.72-$3.12. Agenus Inc (NASDAQ:AGEN) year to date performance is 15.91%.
POZEN Inc. (Nasdaq:POZN) announced that their drug candidates PA8140/PA32540 (aspirin and omeprazole) delayed release tablets have received a complete response letter (CRL) from the U.S. Food and Drug Administration (FDA). A CRL is issued by the FDA when the review of the file is completed and questions remain that preclude the approval of the new drug application (NDA) in its current form.POZEN Inc. (NASDAQ:POZN) weekly performance is -11.09%. On last trading day company shares ended up $8.18. POZEN Inc. (NASDAQ:POZN) distance from 50-day simple moving average is -2.23%. Analysts mean target price for the company is $9.00.