Health Stocks in Motion
Updated from 2:39 p.m. EDT
Shares of Lifeway Foods (LWAY) were among the best-performing health-related stocks Tuesday, rising 43% after the company said its kefir milk drinks would soon be available for sale at Target (TGT) stores.
The company said that Target will stock the cultured milk drinks in strawberry, raspberry, cherry and banana-strawberry flavors. The first shipment of kefir took place this week, the company said. "We're thrilled that Target will expand the availability of Lifeway's award-winning lowfat kefir to even more customers," Lifeway said. Financial terms of the deal were not disclosed. Shares of Lifeway traded up $3.61 to $12.
Isis Pharmaceuticals (ISIS) rose 15.3% after the company said it would collaborate with Pfizer (PFE) on the development of eye disease treatments using Isis' antisense platform. Isis said it will receive a technology access fee of $1 million, research funding and milestone payments under the multiyear deal. Isis will also receive royalties on the sale of drugs that stem from the collaboration. Pfizer, which will choose the targets of the drugs, will be responsible for clinical development and commercialization of the antisense drugs. Shares of Isis traded up 45 cents to $3.39.Shares of Applied Biosystems Group (ABI) fell 5.8% after UBS cut its rating on the stock to reduce from neutral. UBS said Applied's poor outlook for organic sales growth, increasing competition and limited merger and acquisition options led to the downgrade. The firm also said that Applied's shares should not trade at a premium to the group's multiple at this time. Shares traded down $1.32 to $21.29. Impax Laboratories (IPXLE) said late Monday that it received another delinquency notice from Nasdaq officials on May 17, this time for failure to file its first-quarter report with the Securities and Exchange Commission in a timely manner. In April, Impax received a Nasdaq notice of potential delisting because the company failed to file its annual report on time. On May 19, the company appeared at a hearing before the Nasdaq Listing Qualifications Panel. The company is hoping Nasdaq will look favorably upon its request to maintain its continued listing. The company has not received any decision from Nasdaq since its May 19 hearing. Shares traded up 16 cents to $15.75. Other health-care volume movers included Eyetech Pharmaceuticals (EYET), down $11.02 to $12.95; Able Laboratories (ABRX), down $1.30 to $3.75; Pfizer, up 8 cents to $28.84; Elan (ELN), down 2 cents to $7.21; Genentech (DNA), up $2 to $78.60; QLT (QLTI), down $1.55 to $10.25; Guidant (GDT), down 48 cents to $73.75; Johnson & Johnson (JNJ), up 34 cents to $67.60; Merck (MRK), up 11 cents to $32.74; Amgen (AMGN), up 42 cents to $62.53; Aastrom Biosciences (ASTM), down 15 cents to $2.67; and Schering-Plough (SGP), up 15 cents to $20.
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