Wednesday's Health Winners & Losers

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

PDL BioPharma (PDLI Quote) 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 Quote) 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 Quote) dropped after saying late Tuesday it will partner with Wyeth (WYE Quote) 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 Quote) was surging 23% to $6. Elan (ELN Quote) was higher by 2.2% at $13.03. Pfizer (PFE Quote) was gaining 1% to $25.43.

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