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Progressive Corporation (The) stock price
Progressive Corporation (The) latest news:
Cytokinetics shares drop 31% on late-stage ALS drug failure
Cytokinetics Inc. shares dropped 31% in premarket trade Tuesday after the company said its lead product candidate failed to meet primary or secondary endpoints in a late-stage clinical trial. The drug, tirasemtiv, was being developed for the progressive neurodegenerative disease amyotrophic lateral sclerosis (ALS); Cytokinetics said on Tuesday that it plans to suspend tirasemtiv's development. The company said it believes tirasemtiv's limitations "may be addressed with our next-generation fast skeletal muscle activator, CK-2127107," which is currently in mid-stage clinical trials, with phase 2 results expected next year. CK-212710, which is also called CK-107, is being developed to improve muscle function and physical performance for individuals with ALS, spinal muscular atrophy, chronic obstructive pulmonary disease and for elderly adults with limited mobility. Cytokinetics shares have declined 11.6% over the last three months, compared with a 6.3% rise in the S&P 500 and a 8% rise in the Dow Jones Industrial Average .Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Seattle Defends Its New High-Earner Income Tax In Court
The first legal steps challenging a Seattle income tax pit the city's progressive policy against longstanding resistance to taxing income in Washington state.
BRIEF-ULTRAGENYX SAYS FDA APPROVES MEPSEVII FOR GENETIC DISEASE MUCOPOLYSACCHARIDOSIS VII
Ultragenyx Pharmaceutical Inc(RARE): * ULTRAGENYX ANNOUNCES FDA APPROVAL OF MEPSEVII™, THE FIRST THERAPY FOR PROGRESSIVE AND DEBILITATING RARE GENETIC DISEASE MUCOPOLYSACCHARIDOSIS VII.
Sarepta Therapeutics shares dive on safety issues in FDA database
Sarepta Therapeutics Inc. shares declined as much as 8% in morning trade Friday on safety issues reported in the Food and Drug Administration's Adverse Events Reporting System (FAERS) for the company's controversial Exondys 51 therapy. The FAERS database showed 13 serious events connected to the Duchenne muscular dystrophy therapy, including three patient deaths. But "we believe these reported issues are generally expected outcomes of a progressive fatal disease like DMD and are not necessarily due to any mechanistic or safety flaws of the drug itself," said Leerink Partners analyst Joseph Schwartz. Company management told Leerink that the reported deaths happened in patients late in the disease, towards the end of their lives, according to Schwartz. FAERS, which the FDA recently made more accessible and user-friendly, "while insightful, requires a bit more diligence for full interpretation," Schwartz said. Sarepta did not immediately return MarketWatch's request for comment. Shares were most recently down 2.9%. Shares have surged 37.2% over the last three months, compared with a 4% rise in the S&P 500 .Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Roche shares decline 1.6% on news that late-stage study missed primary endpoint
Roche Holding AG shares declined 1.6% in heavy midday trade Friday after the company said its drug for vision loss did not meet the primary endpoint in a late-stage clinical trial. Further dosing for patients in the trial will be paused until results from another late-stage study are evaluated, Roche said. The therapy, lampalizumab, is intended to treat a progressive form of age-related macular degeneration called geographic atrophy, which is associated with visual impairment, often in both eyes. The condition, which affects more than five million people globally, has no approved therapies. Shares of the biotech Ophthotech Corporation plummeted 10.3% to $2.78 in heavy Friday trade. Ophthotech's macular degeneration therapy pegpleranib, tested in combination with other therapies, did not show benefit compared to the other therapies alone, the company said in mid-August. The company plans to move forward "with multiple ongoing or planned clinical programs in orphan retinal diseases," it said in August. Roche shares have declined 1% over the last three months and Ophthotech shares have risen 9%, compared with a 1% rise in the S&P 500 . Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Insurance stocks clobbered as investors await loss estimates for hurricane Harvey
Insurance stocks were mostly lower Monday, as investors awaited the initial estimates of losses from hurricane Harvey, which devastated Texas over the weekend. "While it is early days and Harvey is expected to bring even more rain and flooding for another week, our best guess at this point is Harvey could result in $10-$20bn of industry insured losses making it one of the top 10 most costly hurricanes to hit the U.S.," J.P. Morgan analyst Sarah DeWitt wrote in a Monday note. CreditSights analysts said the most vulnerable lines of business include allied lines, commercial and private auto, commercial multiple peril, homeowners and farmowners multiple peril, crop mulitple peril, private crop, fire, flood and inland marine. Among the companies that are most exposed to the region, Allstate Corp. shares fell 1.7%, Progressive Corp. shares were down 2.5%, Chubb Ltd. fell 1.6%, CNA Financial Corp. was down 0.5% and Hartford Financial Services Group Inc. was down 2%. RenaissanceRe Holdings Ltd. fell 1.8% and Everest Re Group Ltd. fell 2.5%. Dow Jones Industrial Average component Travelers Cos. Inc. fell 3%, to shave about 20 points off the price-weighted index. The S&P 500 was flat. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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