Today, the Dow Jones Industrial Average (INDEX: ^DJI ) closed down 66 points after the Federal Reserve indicated it would not be providing more near-term stimulus to the economy. But as volatile as the broader market was -- having been up before the Fed's disappointing announcement -- significantly larger moves happened in the health-care sector. For instance, poor phase 2 results sent Endocyte (Nasdaq: ECYT) shares down 63% today. EC145, its cancer-fighting drug candidate, was not shown to increase survival in a subset of ovarian cancer patients.

Let's take a closer look at some biotechs that also made moves today, albeit less dramatic than Endocyte's.

Alexza Pharmaceuticals (Nasdaq: ALXA) announced that an FDA advisory committee reviewing Adasuve recommended approving the schizophrenia and bipolar disorder drug. Shares closed up 25% and tacked on an additional 7% after hours. Investors should be excited but need to keep in mind two key things. First, while the vote for efficacy was a decisive 17-1, the panel only recommended approval by a 9-8 margin (with one abstention). And secondly, the FDA always has final say -- always.

Avanir Pharmaceuticals (Nasdaq: AVNR) saw shares plunge 12% after reporting a quarter that the market didn't appreciate. The company's top drug, Neudexta, which treats uncontrollable laughing and crying, has struggled to find much traction. Failing to launch has become increasingly common in recent months after Dendreon's (Nasdaq: DNDN) Provenge missed expectations so badly that management pulled guidance, and since the heralded new lupus drug Benlysta earned Human Genome Sciences (Nasdaq: HGSI) only $18.8 million last quarter. Neudexta fared even worse, producing just $4.3 million in quarterly revenue, bringing its 2011 total up to an even $7 million. Cash used in operations was $14 million, but Avanir is sitting on a decent war chest of nearly $82 million, so the company has some time to get things straightened out.

Finally, YM Biosciences (AMEX: YMI) announced encouraging results for its phase 1/2 trial of myelofibrosis drug, CYT387. Phrases like "significant and durable responses" and "meaningful improvements" were thrown around as CYT387 was shown to keep patients transfusion-independent for a clinically relevant amount of time. The drug appears to have a solid safety profile as well. Shares were up 15%. It is still early in the process, but this definitely is reassuring for investors as they wait for the drug to progress through phase 3 trials that should start next year.

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