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Wednesday's Health Winners & Losers

Avalon Pharmaceuticals (AVRX) jumped 12.3% after the company said late Tuesday it has a deal with Merck (MRK - Get Report) to develop cancer drugs. Avalon was recently higher by 57 cents at $5.20.

PDL BioPharma (PDLI - Get Report) was rising after First Albany upgraded the biotech company to neutral from underperform. PDL was recently adding 60 cents, or 3.3%, at $19.04.

On the other hand, CV Therapeutics (CVTX) slumped more than 25% after the company's angina drug Ranexa was found to be ineffective in a study when used to treat acute coronary syndrome. Shares were recently losing $3.12 to $9.18.

Progenics Pharmaceuticals (PGNX - Get Report) dropped after saying late Tuesday it will partner with Wyeth (WYE) to reformulate its methylnaltrexone drug for a proposed treatment for side effects of opioid analgesics. However, the companies do not expect to file a new drug application with the Food and Drug Administration until the end of 2009. Progenics was down $3.33, or 12.4%, to $23.43.

Among other health care winners, Tercica (TRCA) was surging 23% to $6. Elan (ELN) was higher by 2.2% at $13.03. Pfizer (PFE - Get Report) was gaining 1% to $25.43.

Among decliners, Affymetrix (AFFX) was losing 2.6% at $25.98. Biogen Idec (BIIB) was lower by 1.3% to $43.60. MedImmune (MEDI) slipped 1% to $30.94.

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SYM TRADE IT LAST %CHG
MRK $60.71 1.40%
PFE $34.34 0.75%
PGNX $5.40 3.10%
PDLI $6.61 -3.80%
ELN $0.00 0.00%

Markets

DOW 18,100.28 +76.22 0.42%
S&P 500 2,116.96 +8.67 0.41%
NASDAQ 5,030.0810 +24.69 0.49%

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