Sector Snap: Cholesterol drug makers

A flurry of positive and negative study data for cholesterol drugs pushed shares of Merck & Co. and Schering-Plough Corp. to record lows Monday, while Abbott Laboratories and AstraZeneca PLC shares caught a boost.

Each company's stock either reaped rewards or fell sharply after releasing study data at the American College of Cardiology conference in Chicago. Whitehouse Station, N.J.-based Merck and Kenilworth, N.J.-based Schering-Plough reported full data from a study of their combination drug Vytorin, that showed it was no more effective than Zocor, which is now a generic drug.

Vytorin is a combination of Schering-Plough's Zetia and Merck's Zocor, and the study data will likely contribute to a further sales declines for the drug. Schering-Plough shares fell to $14 during the session, the lowest point in years, while Merck shares dropped to $36.82, also a low point.

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Merck also said it would halt enrollment in a late-stage study of the cholesterol drug candidate Cordaptive in the wake of the failed Vytorin study. Both studies use ultrasound imaging as a measure. That study, which involves patients with a rare condition, will continue with only about a third of the planned participants.

Meanwhile, shares of North Chicago, Ill.-based Abbott rose $2.10, or 3.4 percent, to $55.17 after the drug candidate ABT-335 met its goals of improving cholesterol levels in a late-stage study. The drug was given in combination with two commonly prescribed statins.

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Goldman Sachs analyst Lawrence Keusch said Abbott's recently released cholesterol drug Simcor could benefit from the Vytorin downturn. He maintained a "Buy" rating and $64 price target.

Meanwhile, AstraZeneca ended a continuing study of the blockbuster drug Crestor after results showed the drug reduced deaths from heart disease compared with placebo. Shares of U.K.-based AstraZeneca rose $1.05, or 2.8 percent, to $37.56.

Citi analyst Kevin Wilson reaffirmed a "Hold" rating with a $46 price target and said the results could spur an increase in prescriptions for patients with elevated cholesterol.