Today's Health Winners and Losers

Shares of PDL BioPharma(PDLI Quote) were among the worst-performing health-related stocks Wednesday, plunging 25% after the biotechnology company posted first-quarter results that were well below expectations.

The company reported a loss of $26.2 million, or 23 cents a share, on revenue of $90.5 million. Excluding items, the company earned $2.5 million, or 2 cents a share. Analysts polled by Thomson First Call expected earnings of 14 cents a share and revenue of $103.3 million. Last year, PDL posted a first-quarter loss of $83.9 million, or 87 cents a share, on revenue of $38.8 million. Excluding items, the year-earlier loss was $117,000, or less than a penny a share.

Looking ahead, PDL sees full-year adjusted earnings of $8 million to $23 million, or 7 cents to 19 cents a share, sharply below analysts' estimate of 44 cents. The company now sees revenue of $400 million to $430 million, down from an earlier forecast of $405 million to $435 million. Analysts project revenue of $429.1 million. Shares were trading down $7.02 to $20.57.

Shares of Cigna(CI Quote) slumped 11% after the health insurer projected second-quarter earnings below analysts' average forecast. For the first quarter, the company reported earnings of $352 million, or $2.87 a share, on revenue of $4.11 billion. On an adjusted basis, the company posted earnings of $258 million, or $2.11 a share. Analysts expected earnings of $1.88 a share on revenue of $4.1 billion. Last year, the company's first-quarter adjusted earnings totaled $297 million, or $2.24 a share, on revenue of $4.35 billion.

Cigna sees a profit of $1.75 to $1.90 a share for the second quarter and $7.50 to $8 for the full year. Analysts project second-quarter earnings of $1.99 a share and full-year earnings of $8.07 a share. Shares were trading down $11.57 to $93.93.