Biotech Stock Roundup: Vertex Slips On Study Halt, Aurinia Plunges On Lupus Data

 | Aug 17, 2016 03:49AM ET

With second quarter earnings season drawing to a close, focus is back on pipeline and regulatory updates. Companies like Vertex (NASDAQ:VRTX) , OncoGenex (NASDAQ:OGXI) and Aurinia (NASDAQ:AUPH) were in focus this week with the companies losing ground on pipeline updates.

Recap of the Week’s Most Important Stories

1. Vertex’s shares slipped on news that the company will be stopping a late-stage study evaluating a VX-661 - ivacaftor (trade name: Kalydeco) combination for cystic fibrosis. While the news came as a disappointment, it was not very surprising as expectations were low from this study (Read more: MEDICAL-BIOMED/GENETICS Industry Price Index

The NASDAQ Biotechnology Index declined 1.3% over the last five trading days. Among major biotech stocks, Amgen was up slightly while Vertex declined 2.8% reflecting the impact of the discontinuation of the phase III study on VX-661 and ivacaftor.

Over the last six months, Biogen (NASDAQ:BIIB) was up 22.2% while Gilead (NASDAQ:GILD) lost 13.1% (See the last biotech stock roundup here: Earnings in Focus, AbbVie Takes Steps to Block Humira Copycat ).