Thursday's Health Winners & Losers
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, Amicus Therapeutics (FOLD) announced a deal with Shire (SHPGY) 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.
Also, Biogen Idec (BIIB) 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, Pfizer (PFE), Merck (MRK) and Johnson & Johnson (JNJ).Elsewhere, earnings ruled (and sometimes ruined) the day. King Pharma (KG) 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. Noven Pharmaceuticals (NOVN) 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.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
24/7 market commentary from Jim Cramer and 20+ veteran Wall Street gurus. Get access to the latest trading ideas on stocks, options, and ETFs as well as a real-time forum to see the pros exchanging their investment ideas.
- Jim Cramer + 20 Wall Street pros
- Intraday commentary & news
- Real-time trading forum
- Actionable trade ideas
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV