Updated from 2:52 p.m. EST with new stock prices
Biotech stocks took to both directions Thursday, but speculation and earnings weren't enough to ameliorate the midweek sag.
In collaboration news,
to develop Amicus' three lead compounds for rare genetic disorders Pompe disease, Goucher's disease and Fabry disease. Shares rose 67 cents, or 4.2%, to $16.75.
shares gained $3.86, or 5.4%, to $74.99 after
The Financial Times'
dealReporter raised speculation about likely bidders for the biotech company, namely,
Johnson & Johnson
Elsewhere, earnings ruled (and sometimes ruined) the day.
reported net earnings (excluding items) of $128 million, or 52 cents a share, during the third quarter, compared to net earnings of $106 million, or 44 cents a share, in a year ago. Total revenue increased 11% to $545 million, surpassing the Thomson Financial consensus target of 45 cents a share on revenue of $528.4 million.
Shares added $1.37, or 13.6%, to $11.42. King is a component of the Amex Pharmaceutical index, which was essentially flat.
reported a net loss of $59 million, or $2.38 a share, including the impact of the charges (namely a $100.2 million charge for the acquisition of JDS Pharmaceuticals). Excluding charges and related tax-effects, the company said net income for the current quarter would have been $7.6 million, or 30 cents a share, compared to $5 million, or 20 cents a share, a year ago. Noven reported net revenue increased 39% to $21.8 million. The Thomson Financial consensus target was 17 cents a share on revenue of $23.5 million.