This morning, Valeant Pharmaceuticals (NYSE:VRX) announced preliminary results from its Phase IIa proof-of-concept clinical trial of retigabine. While the drug was tolerated well by patients, the study did not meet its pre-specified primary efficacy endpoint. The company says that further detailed analyses are warranted and are ongoing.
News of the trial's failure is driving Valeant shares lower today, down more than six and a half percent at midday.
Shares of Smith & Wesson (NASDAQ:SWHC) were downgraded by Wedbush Morgan today from Outperform to Neutral. The firm cites a coming slowdown in gun purchases following the sharp rise after last year's election.
Shares of Smith & Wesson are down about seven and a half percent to $5.45.
And after appearing in our Big Gainers story last week on news that it had entered into a second extension of the Waiver and Amendment to its Credit Agreement, American Axle & Manufacturing (NYSE:AXL) stock is giving back some of last week's gains as traders look to lock in their gains.
American Axle shares are down almost six percent to $6.00.
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