Shares of Progenics Pharmaceuticals Inc. fell 64 percent today after the Eastview-based drugmaker announced that an experimental drug failed a late-stage clinical trial.

The stock fell $8.62 today to end trading at $4.93 a share.

The drug, known as intravenous methylnaltrexone, was being evaluated as a treatment for constipation in patients following colon surgery.

Preliminary results from a Phase 3 trial, conducted by Wyeth Pharmaceuticals, showed that the drug failed to reduce the time it takes for patients have a bowel movement after surgery, compared to a placebo, or fake drug.

Those given the drug were given does of 12 milligrams or 24 milligrams every six hours, the companies said, noting that the drug was generally well tolerated.

The results of the study, which involved 542 patients, were inconsistent with a smaller, earlier study of 65 patients that showed positive results for the condition, known as postoperative ileus, said Dr. Paul J. Maddon, Progenics founder, chief executive and chief science officer.

“We are conducting the necessary analyses to determine greater clarity regarding the outcome of this clinical study,” Maddon said.

“Despite the results of this Phase 3 trial for POI, we remain confident in the methylnaltrexone development program,” said Robert Ruffolo, president of research and development at Wyeth Pharmaceuticals.

The board of directors of Armonk-based IBM Corp. today authorized an additional $15 billion to buy back shares of the company’s stock. The sum adds to the $400 million left at the end of February from a previous authorization. IBM plans to spend up to $12 billion of the money on stock buybacks this year.

The new stock repurchase authorization follows a $15 billion authorization last April, the biggest in IBM’s history.
Today, as it did after last year’s announcement, IBM’s stock rose as investors looked forward to higher earnings per share thanks to spreading profit over fewer outstanding shares.

As of 1:21 p.m., IBM shares were trading at $114.93 on the New York Stock Exchange, up $4.85, or 4.41 percent.

A Swedish institutional investor has significantly reduced its holdings in AFP Imaging Corp., an Elmsford-based supplier of medical and dental imaging equipment whose stock has fallen sharply this year.
Filings with the Securities and Exchange Commission show that the investor, HealthInvest Partners of Stockholm, sold large blocks of AFP stock in December and January. Some of the recent transactions include the sale of 200,000 shares on Dec. 14, 360,900 shares on Dec. 31 and 92,500 shares on Jan 2.
AFP’s shares have fallen nearly 22 percent this year. They rose 11 cents to 51 cents in trading today on the over-the-counter bulletin board. The stock is down from a 52-week high of $2.21 on May 3.
“AFP was not a party to any decisions by this independent investor,� David Vozick, chairman of AFP Imaging, said in a written statement. The sales “may have been instituted by the foreign investor as part of a portfolio realignment of its overall holdings.�

Vozick added that there have been no changes at AFP related to the trading volume in the stock. In September, AFP received clearance from the U.S. Food and Drug Administration to market its NewTom VG Cone Beam Computed Tomography Scanner. The imaging system allows dentists to see detailed three-dimensional, radiographic images of the teeth and jaws.
“AFP believes the future opportunities for the company are excellent,� Vozick said. “We continue to participate in the development of advanced dental imaging technologies based on ten years of experience in this field along with our large installed base of (scanner) units around the world.�
HealthInvest Partners could not be reached for comment. The company, founded in 2006, manages the HealthInvest Global Long/Short Fund.

Nutrition 21 Inc. stock may face delisting after the company received a letter from Nasdaq officials warning that the Purchase-based company’s low share price threatens its continued listing on the Nasdaq Capital Market.

Shares of Nutrition 21, a maker of nutritional supplements, ended today’s trading at 71 cents a share. The company’s stock last closed higher than a $1 a share on Nov. 8.

Nutrition 21 said today Nasdaq has granted the company 180 days, or until June 23, to regain compliance with minimum bid-price requirements. Additionally, the company may receive a 180-day extension to raise its bid price should it remain in compliance with all other listing requirements.

If Nutrition 21 fails to regain compliance with the minimum bid-price requirement, Nasdaq will notify the company that its stock will be delisted, Nutrition 21 said, adding that the company may appeal such a decision.

On Nov. 9, Nutrition 21 reported it lost $4.1 million, or 7 cents a share, in its fiscal first quarter, roughly on par with the loss it posted a year earlier.

The Navigators Group Inc. will be added to the S&P SmallCap 600 Index after trading ends for the year, the insurer said today.

Navigators Group has offices in Rye Brook that house two of its business units.

Investors and professional money managers use the S&P index as an aid in creating diversified stock portfolios.

IBM Corp. said it bought back 8 percent of its outstanding common stock for $12.5 billion, and it raised its 2007 profit forecast accordingly.

The company announced the deal after the close of trading yesterday. The buyback will contribute to earnings growth this year of 13 to 14 percent, up from the 11 percent originally provided during its first-quarter earnings report.

The new estimate includes the effect of the share repurchase program, adding 14 to 17 cents of EPS, the company said. The estimates exclude a gain from the previously-announced sale of IBM’s printer business.

IBM repurchased 118.8 million shares for an initial price of $105.18 per share. The repurchases are part of a $15 billion authorization on April 24 by the board of directors. IBM said it doesn’t expect to seek board approval for further buybacks before April 2008.

IBM stock closed yesterday at $105.91, up 73 cents. It’s up 9 percent for the year.

ITT Corp. of White Plains said this morning that it finished the steps to withdraw its shares from the London Stock Exchange.

The company removed its stock from the exchange because of low trading volume.

The shares continue to be listed on the New York Stock Exchange.

MBIA Inc. announced today it is instituting a new share-repurchase program to replace the one its board authorized nearly three years ago.

The new program permits the Armonk-based provider of financial services to buy back up to $1 billion of outstanding shares.

MBIA said its ability to repurchase its stock will be dependent on the amount of dividends paid to it by MBIA Insurance Corp., which requires prior approval by the New York State Insurance Department.

Stock purchases in the program will be made from time to time in the open market or in private transactions as permitted by securities laws and other legal requirements, MBIA said.

Avon Products Inc., which has research facilities in Suffern and back-office operations in Rye, announced today that it is boosting its quarterly dividend to 18.5 cents from 17.5 cents a share.

The new rate, effective March 1, will be payable to shareholders of record Feb. 15, the Manhattan-based beauty-products maker said.

The increase raises the annual-dividend amount to 74 cents a share, up from the current 70 cents a share.

LeCroy Corp., the Chestnut Ridge company that sells equipment that measures the electronic signals of computer chips, said 20 institutional investors plan to resell $72 million of notes and any stock issued in connection with the conversion of the notes.

The 4-percent senior notes are due in 2026, the company said in a filing with the U.S. Securities and Exchange Commission.

The company will not receive any proceeds from the sales. LeCroy said the notes were first issued to Cowen and Co. LLC, the investment banking brokerage company, in October.

The investor holding the largest amount of principal on the notes is Citadel Equity Fund Ltd., which owns $14 million, or 19.4 percent. LeCroy stock was trading at $11.52 a share, up 16 cents, at 1:45 p.m.

Prestige Brands Holdings Inc., an Irvington company that markets Comet, Murine eye and ear drops, Chloraseptic throat sprays and other products, provided notice that stockholders plan to sell 12.65 million shares of company stock.

The company said in a filing with the U.S. Securities and Exchange Commission that the shares will be offered at an estimated maximum price of $13.12 apiece.

Once the sales are complete, there will be more than 50 million Prestige shares outstanding. The company will not receive any proceeds from the sale. Prestige shares were trading at $13.32, up 16 cents, at 12:20 p.m.

TAL International Group Inc., which leases intermodal freight containers, reports it is boosting it quarterly dividend payment to 30 cents a share, up from 20 cents a share. The Purchase-based company’s board of directors approved the dividend increase at its regular December meeting. The quarterly cash dividend will be paid March 9 to shareholders on record as of Feb. 23, TAL said.

Moody’s Investors Service Inc. announced today that it is considering raising PepsiCo’s long-term Aa3 debt-rating as well as that of its subsidiaries. The review was prompted by PepsiCo’s continued strong financial performance, robust growth and reduction in foreign debt at its international subsidiaries, Moody’s said. The review will also look at PepsiCo more broadly, taking into account the company’s franchise strength and the combined financial strength of PepsiCo and its largest bottlers, Moody’s said. The debt-rating service also affirmed its Prime-1 rating on PepsiCo’s short-term debt. The Purchase-based beverage-and-snacks giant had revenues of $32.6 million last year, Moody’s noted, adding that 61 percent of that is derived from U.S. sales.