Biotech, pharma benchmarks move lower

The biotech and pharmaceutical benchmarks moved lower Thursday as shares of Genentech dipped on news that a study has found its oncology drug Avastin can be just as effective in treating lung cancer when used in lower doses.
The DJ Wilshire Pharmaceutical Index closed down 0.3% at 2386.32 and the DJ Wilshire Biotechnology Index eased 0.6% to close at 3219.42.

Shares of Genentech finished down 3% at $85.51.
Early Tuesday, Genentech's parent company, Swiss conglomerate Roche, said a company-sponsored study showed Avastin was effective in treating lung cancer when given in doses at about half of those currently prescribed.

According to DJ Newswires, the study could mean that doctors would be able to prescribe less of the drug, thereby dropping the monthly cost for treatment from $8,800 to $4,400.
Shares of Merck & Co. slipped almost 2% to $43.20 following reports that the company made a $5,000 campaign contribution to Texas Gov. Rick Perry, who later signed a controversial executive order mandating that Merck's HPV vaccine to prevent cervical cancer be given to all Texas girls entering the sixth grade.
A bill to override the executive order is currently making its way through the Texas state House. Earlier this week, Merck announced it was ceasing state lobbying efforts for the vaccine.

Shares of Hollis-Eden Pharmaceuticals rose 1% to $5.56 after hitting a session high of $5.79. The biotech group said it presented positive pre-clinical data for its compound HE3235 for the treatment of prostate and breast cancer. The data was presented in conjunction with the American Society for Clinical Oncology's Prostate Cancer Symposium.
Dyax Corp.shares plunged for the second day, tumbling 14% to close at $3.65. Earlier this week, Dyax said that it had agreed to terminate its collaboration with Genzyme Corp. for its lead drug candidate DX-88, a treatment for the rare disorder hereditary angioedema.

Genzyme shares slipped 1% to $63.99.