The markets opened sharply lower with the Dow tumbling 113 points to 18,147 as OPEC met in Algiers. Nasdaq fell 28 points to 5,277.
On the upside
Array BioPharma (Nasdaq: ARRY) reported positive results from Part 1 of a Phase 3 COLUMBUS study of LGX818 to treat patients with BRAF-mutant melanoma.
Chemtura (NYSE: CHMT) will be acquired by Laxness for a premium of approximately $2.5 billion.
GW Pharmaceuticals (Nasdaq: GWPH) reported positive results from a second Phase 3 pivotal trial for Epidiolex.
On the downside
The Food and Drug Administration issued a complete response letter to Pain Therapeutics (Nasdaq: PTIE) saying that its New Drug Application for Remoxy ER could not be approved in its current form.
DURECT (NYSE: DRRX) licensed to Pain Therapeutics (Nasdaq: PTIE) the exclusive right to develop and commercialize REMOXY ER.
The Motley Fool wrote that Himax Technologies (Nasdaq: HIMX) was the better buy in the virtual and augmented reality space.
In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 3 on the NYSE and by nearly 3 to 1 on Nasdaq. The broader S&P 500 fell 9 points to 2,155. Bitcoin climbed $6 to $606.