This Day On The Street
Continue to site right-arrow
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

Wednesday's Health Winners & Losers

Updated from 2:50 p.m. EDT

Biotech and other health care stocks edged lower Wednesday on a precipitous drop from Dendreon (DNDN) and a host of poor earnings.

Dendreon, the biopharmaceutical company that saw shares soar to more than $25 early last month, experienced a dramatic fall after the company announced that the Food and Drug Administration had asked for additional clinical data on its therapeutic cancer treatment Provenge before granting approval. Shares plummeted $11.41, or 64.3%, to $6.33.

Greater-than-expected losses sank Inspire Pharmaceuticals (ISPH). The company reported a net first-quarter loss of $26.1 million, or 62 cents a share. Analysts polled by Thomson Financial had expected a net loss of 55 cents a share. Quarter over quarter, losses increased from $14.0 million, or 33 cents a share, from last year. Shares fell 72 cents, or 9.9%, to $6.52.

Progenics Pharmaceuticals (PGNX - Get Report) also reported a wider-than-expected first-quarter loss of $10.4 million, or 40 cents a share. In the year-ago quarter, the company reported a loss of $2.6 million, or 10 cents a share. The Thomson Financial consensus target was a loss of 14 cents a share. Progenics says its increase in expenses was mostly due to a $12.6 million increase in research and development costs incurred in its collaboration with Wyeth (WYE), preparation for clinical trials for its other products, and an increase in personnel. Progenics shares fell 79 cents, or 3.3%, to $23.14.

Osteotech (OSTE) reported a net first-quarter loss of $600,000, or 4 cents a share, including $1.1 million in costs associated with the settlement of certain litigation and related legal fees. Excluding those fees, adjusted non-GAAP net income was $400,000, or 2 cents a share. Net income for the same period in the previous year was $500,000, or 3 cents a share. Shares declined 35 cents, or 4.6%, to $7.24.

1 of 2

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
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

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
Options Profits

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

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
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!
DNDN $0.06 -6.02%
ENMD $1.18 1.72%
EBS $28.52 0.00%
PGNX $5.79 0.00%
AAPL $123.25 0.00%


DOW 17,712.66 +34.43 0.19%
S&P 500 2,061.02 +4.87 0.24%
NASDAQ 4,891.2190 +27.8570 0.57%

Partners Compare Online Brokers

Free Reports

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