Friday's Health Winners & Losers

Also on the falling end, Cortex Pharmaceuticals (COR Quote - Cramer on COR - Stock Picks) said Friday that it will sell 7.1 million shares of its common stock to several institutional investors for an aggregate $14.2 million. The transaction includes warrants to purchase about 2.83 million shares of common stock at $2.64 a share. The offer is expected to close on Aug. 29.

Cortex said it will use the proceeds to accelerate development of its Ampakine technology -- designed to strengthen signals at connections between brain cells -- as well as licensing activities, working capital, capital expenditures and other general corporate purposes. Shares of Cortex tumbled 74 cents, or 28%, to $1.90.

Matrix Research upgraded Barr Pharmaceuticals(BRL Quote - Cramer on BRL - Stock Picks) to buy from hold, and Jeffries and Co. upgraded Advanced Medical Optics(EYE Quote - Cramer on EYE - Stock Picks) to hold from underperform.

Barr closed up 8 cents, or 0.2%, to $52.14, while American Medical Optics added $1.45, or 5.1%, to close at $30.15.

On the credit rating side, Standard & Poor's reaffirmed its outlook for Boston Scientific(BSX Quote - Cramer on BSX - Stock Picks), which yesterday announced it amended its credit line and prepaid down $1 billion in debt.

Analyst Cheryl Richer said in a report that S&P's ratings on Boston Scientific, including the BB+ corporate credit rating, remain on CreditWatch with negative implications, where they were placed Aug. 3. The agency will watch as Boston Scientific reveals more about its revised business and financial strategy this fall.

"Although the company still plans to sell nonstrategic assets, divest elements of its investment portfolio, and reduce expenses and headcount, continued debt reduction will proceed at a slower pace than previously anticipated given the decision to retain full ownership of its endosurgery group," S&P said in the report.

Boston Scientific closed down 2 cents, or 0.2%, to $12.69.

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