This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Monday's Health Winners & Losers

Health stocks kept slightly green Monday amid an array of news, including trial updates, turnover and turmoil in general.

First, Acorda Therapeutics (ACOR - Get Report) tacked on 25% to $27.20 Monday after the company said a study showed its experimental multiple sclerosis drug Fampridine didn't cause an increase in the electrocardiographic QT interval in comparison to placebo.

The Food and Drug Administration requires companies to conduct QT studies on drugs because changes to the QT interval, a measure of time between waves in the heart's electrical cycle, can indicate risk of cardiac arrhythmias. The company expects data in the second quarter of this year from a second phase III study of the drug, which is currently being studied for improving walking ability in people with multiple sclerosis.

Another stock up on high volume, Medivation (MDVN - Get Report) said that after discussing midstage trial results with the FDA it now plans to move Alzheimer's treatment candidate Dimebon into late-stage development.

The company is holding a conference call Monday at 4:30 p.m. to discuss the decision. Watch for more on Medivation and this call from TheStreet.com senior columnist Adam Feuerstein. Shares were up 12.2% at $16.66.

Meanwhile, inching down a few percentage points, Biogen Idec (BIIB) said Monday that activist investor Carl Icahn has nominated three people to the biotech company's board.

"We are taking this action because we believe that Biogen's recent purported attempt to find a suitor was not conducted in a way to enhance the success of the endeavor. We believe that the process was flawed in a number of key respects and that the process was run to placate us and other large shareholders who we believe asked for Biogen to find a buyer," Icahn said in a press release Monday.

His three nominees include ImClone Systems (IMCL) board members Alexander Denner and Richard Mulligan. Denner is Icahn's lead advisor and also a board member at Adventrx (ANX), and Mulligan is the director of the Gene Therapy Institute and an endowed professor of genetics at Harvard. The third proposed addition is Anne Young, chief of neurology at Massachusetts General Hospital and the Julieanne Dorn Professor of Neurology at Harvard Medical School. Biogen ticked down 1.3% to $58.13.

On the ratings side, Jeffries and Co. analyst Eun Yang upgraded Medarex (MEDX) to buy from hold, considering the long-term outlook for its cancer-treating compounds. The stock took a beating last December when the company's ipilimumab failed to affect any shrinkage of tumors in at least 10% of patients in a study reported. However, Yang noted that the drug could eventually show an improvement in overall survival rate.

Medarex is developing Ipilimumab with Bristol-Myers Squibb (BMY) and is also entitled to a 15% royalty on sales of tremelimumab, a similar product that Pfizer (PFE) is developing. Late-stage data on the class of drugs, known as CTLA-4 inhibitors, are expected in 2009, and with potential commercial launches that year or the next, Yang sees Medarex poised to receive $300 million in royalties annually.

Medarex shares edged up 4% to $9.59, but are still nearly 47% lower than the stock's 52-week high. Medarex, Biogen and Acorda are all components of the Nasdaq biotechnology index, which was up 1.1% at 800.46.
1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
BIB $72.61 -2.30%
ACOR $31.37 -1.50%
MATR $6.50 -0.61%
MDVN $87.49 -0.28%
WCG $87.36 -1.20%

Markets

Chart of I:DJI
DOW 16,045.30 -329.46 -2.01%
S&P 500 1,917.56 -33.57 -1.72%
NASDAQ 4,672.33 -61.1670 -1.29%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs