This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Health Stocks in Motion

Shares of QLT (QLTI) were among the worst-performing health-related stocks Thursday, dropping 11% after the biopharmaceutical company cut its sales forecast for its Visudyne eye treatment and laid out plans to eliminate up to 46% of its work force.

The company expects the job cuts -- and other restructuring plans -- to result in annual savings of about $10 million. QLT now sees 2005 Visudyne sales of $480 million to $485 million, down from an earlier forecast of $500 million to $530 million. QLT said the reduced forecast stems from near-term pressure on U.S. sales, caused by increased competition. The company plans to take a restructuring charge of about $5 million to $6 million during the fourth quarter of 2005.

QLT also plans to double the number of shares that it can buy as part of its share repurchase plan, which was initiated in May. The company intends to increase its buyback plan to $100 million from $50 million. Shares were trading down 75 cents to $6.25.

Hi-Tech Pharmacal (HITK) rose 8% after the drug maker posted solid second-quarter results. The company earned $3.1 million, or 35 cents a share, up from $2.3 million, or 27 cents a share, a year ago. Sales, meanwhile, rose to $21.6 million from $16.7 million a year ago. A single analyst polled by Thomson First Call expected earnings of 30 cents a share and sales of $19.3 million. "We are very pleased with the second-quarter results," the company said. "Our generic business remains strong as we continue to see demand for many of the products launched in recent quarters."

For 2006, Hi-Tech Pharmacal sees sales growth of 15% to 20%. Shares traded up $3 to $41.52.

Shares of Neurogen (NRGN) rose 9% after the company said its insomnia drug performed well in a Phase I trial. The biotech company said NG2-73 was safe and well tolerated. What's more, the company said that study investigators observed sleepiness among treated subjects. The study aimed to evaluate the safety, tolerability and pharmacokinetics of increasing oral doses of the drug given over a period of five days. "We're moving rapidly toward the initiation of our phase II transient insomnia trial with our immediate release tablet formulation," the company said. Neurogen shares were up 71 cents to $8.24.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,282.82 +16.83 0.10%
S&P 500 2,013.98 +2.62 0.13%
NASDAQ 4,584.5320 -8.8930 -0.19%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs