Shares Drop For Major Drug Companies
April 8, 2008
One area on the stock market that gained attention this week were shares involving drug companies. Shares of many of these companies fell as the stock market opened.
During the opening, the biggest fall in price was from Astra Zeneca PLC. They are produces of the drug Nexium, however, the shares were reduced in price by Goldman Sachs. There was a decline by more than three percent.
Astra Zeneca PLC is currently in competition with Ranbaxy over the generic version of Nexium, and with Teva Pharmaceuticals over the generic version of Seroquel.
Shares in GlaxoSmithKline also fell by more than three percent - 3.7 - after the FDA issued a warning letter to the company demanding to see the results of the studies they conducted on the diabetic drug Avandia.