Friday's Health Winners & Losers

Collaborations, analyst action, legal matters and a new CEO appointment carried sluggish health indices into the weekend.

Neurogen(NRGN Quote) rose 44 cents, or 10%, to $4.86 Friday, after the drugmaker named Stephen Davis to succeed William Koster as chief executive.

Davis had been chief operating officer. The company also said Dr. Stephen Uden resigned his position as executive vice president and head of research and development to pursue other interests.

Also on the rise, Isis(ISIS Quote) climbed 79 cents, or 5.9%, to $14.09, on late Thursday's news that the company will collaborate with Johnson & Johnson(JNJ Quote) to develop diabetes drugs. BWS Financial upgraded Isis to buy from hold, doubling its target price to $20 from $10.

In other analyst action, JMP Securities initiated coverage on biopharmaceutical company TorreyPines Therapeutics(TPTX Quote), which focuses on treating diseases and disorders of the central nervous system. The analysts gave it a strong buy rating and price target of $13. The stock climbed 57 cents, or 9.7%, to $6.45.

Meanwhile, a Friedman Billings Ramsey analyst downgraded ImClone Systems(IMCL Quote) and reversed a recent price target increase. He said experts told him they will probably not use the company's Erbitux to treat most cases of lung cancer. Shares lost $4.32, or 9.9%, to $39.16.

ImClone tugged at the Amex biotechnology index, which was down 5.37, or 0.7%, to 802.09.