Monday's Health Winners & Losers
Updated from 1:49 p.m. EDT
Despite analyst speculation and a trickle of earnings, health indices were relatively flat at the start of the week. Amgen (AMGN) got a nudge Monday after an upgrade to outperform from market perform by Sanford C. Bernstein & Co.
Bernstein attributed the upgrade to potential restructuring. "We believe it is now inevitable that Amgen will announce a restructuring and that such an announcement could emerge within the next month, potentially even prior to the September 11 FDA advisory committee review of EPO safety in Chronic Kidney Disease (CKD)," Bernstein analysts said in a report. The stock closed up $1.18, or 2.4%, to $51.26.
Speaking of upgrades, ImClone (IMCL), which named John Johnson CEO last week, was upgraded by Cowen & Co. on Friday to neutral from underperform. ImClone stock continued to rise into this week, closing up $1.41, or 4.5%, to $32.69.ImClone and Amgen are both components of the Nasdaq biotechnology index, which was up 1.87, or 0.2%, to 797.42 on Monday. On the earnings side, Ziopharm Oncology (ZIOP) posted quarterly results Monday that showed a loss of $6.5 million, or 31 cents a share, compared with a loss of $5.4 million, or 43 cents a share, in the year-ago quarter. Analysts surveyed by Thomson Financial had expected a loss of 27 cents a share.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV