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HGSI Falls on Benlysta Concerns Friday, November 12, 11:45 AM ET, by Market News Video Staff Human Genome Sciences (HGSI) shares are falling Friday after documents showed the Food and Drug ...
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By Market News Video Staff, Friday, November 12, 11:45 AM ET
Human Genome Sciences (NASDAQ:HGSI) shares are falling Friday after documents showed the Food and Drug Administration may have doubts about the benefits of the lupus drug Benlysta.
The FDA plans to ask an advisory panel whether the benefits of the drug outweigh the risks on Tuesday.
Benlysta studies showed increase risk of suicide, compared to a placebo.
Human Genome is partnered with GlaxoSmithKline (NYSE:GSK) on Benlysta, which could be a lucrative product for the companies if approved.
Human Genome shares are trading lower by 8.5% Friday.
The company is a 4.72% holding of the First Trust NYSE Arca Biotechnology Index Fund (AMEX:FBT).
The top holding in the fund is Illumina (NASDAQ:ILMN), at 5.85% of the fund, followed by Biogen Idec (NASDAQ:BIIB), at 5.6%, Life Technologies (NASDAQ:LIFE), at 5.41% of the fund, and Myriad Genetics (NASDAQ:MYGN), also 5.41%.
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