This Day On The Street
Continue to site
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

Friday's Health Winners & Losers

Biotech and pharmaceutical stocks were down Friday, due largely to regulatory setbacks.

Pharmaceutical maker Medicines Co. (MDCO - Get Report) fell by $2.36, or 9.2%, to $23.21 after it announced that its application for a patent term extension on anticoagulant Angiomax was denied, according to a regulatory filing with the Securities and Exchange Commission. The company said it will seek a review of the decision and continue to pursue other actions.

Millennium Pharmaceuticals (MLNM) on Thursday narrowed its net first-quarter loss to $6.8 million, or 2 cents a share, from $20.8 million, or 7 cents a share, in the year-ago quarter. Analysts polled by Thomson Financial expected the company to break even. JMP Securities downgraded the stock to underperform from market perform, and shares slipped 31 cents, or 2.7%, to $11.33.

Announcements burned other stocks, pushing indices lower. The Amex Biotechnology Index fell $3.90, or 0.5%, and the Nasdaq Biotechnology Index, which includes Medicines Co. and Millennium Pharmaceuticals, fell 4.93, or 0.6%.

Wyeth (WYE) announced that CFO and Vice Chairman Kenneth Martin is leaving at the end of June to pursue personal interests. The company says it plans to name a new CFO in advance of his departure. Shares fell 52 cents, or 0.9%, to $55.48.

The Food and Drug Administration is questioning whether a survival benefit in patients with chronic obstructive pulmonary disease was enough to allow it to approve GlaxoSmithKline's (GSK - Get Report) a new indication of Advair, according to documents released on Friday ahead of a panel on Tuesday. Share price declined 45 cents, or 0.8%, to $57.97.

As expected, the FDA officially denied approval to Merck's (MRK - Get Report) Acroxia, a pain reliever similar to Vioxx. Merck has been trying to get the drug, currently available in 63 countries, approved since 2003. Shares fell 64 cents, or 1.2%, to $51.79.

Among stocks in positive territory, Penwest (PPCO) was upgraded by Robert W. Baird to outperform from neutral Friday. Shares were up 30 cents, or 2.5%, to $12.31.

Applied Biosystems (ABI) traded higher a day after reporting weak earnings that still beat expectations. It was up $1.29, or 4.4%, to $30.75.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
ABI $22.98 1.01%
GSK $40.55 -1.00%
MDCO $41.48 -2.60%
MRK $53.46 -0.93%
AAPL $118.56 0.63%


Chart of I:DJI
DOW 17,756.97 -41.52 -0.23%
S&P 500 2,085.41 -4.70 -0.22%
NASDAQ 5,104.4380 -23.0870 -0.45%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs