Friday's Health Winners & Losers

Health stocks greeted the weekend with the same positive vibes that lifted the broader markets Friday.

The Nasdaq and Amex biotech indices were up 1.3% and 1.2%, respectively, on a relatively quiet day save for a few analyst actions.

A day after the Regulus/GlaxoSmithKline (GSK Quote) propelled Isis Pharmaceuticals (ISIS Quote) higher, Leerink Swann downgraded the stock to market perform from outperform and slashed its price target to $14 from $25.

"While we appreciate the latest partnership success and more early deals may be struck, we believe that most positive news is in the stock and potential risks may be overlooked," wrote analyst Joseph Schwartz in research note Friday. Schwartz is skeptical about upcoming phase IIb data on ISIS 113715 in diabetes and also questioned the regulatory pathway for Isis' mipomersen. Shares were trading down 50 cents or 2.9%, to $16.88 on Friday.

In other analyst action, William Blair upgraded Baxter (BAX Quote) to outperform from market perform. The stock was trading up 71 cents, or 1.2%, at $61.12.

Also, Susquehanna Financial downgraded Pozen (POZN Quote) to neutral from positive -- the stock traded down 55 cents, or 4.2%, to $12.75.

In earnings, Stryker (SYK Quote) said Thursday post close that first-quarter profit climbed 19% to $291 million, or 70 cents a share, on revenue of $1.63 billion. Results were roughly in line with analysts' estimates and a penny better on earnings per share. The company said to expect 2008 profit of $2.88 a share on 11% to 13% revenue growth, which is also in line with Wall Streets' view. Shares were trading up $1.98, or 2.9%, at $65.83.

On Monday look for earnings from Big Pharmas Eli Lilly (LLY Quote) and Merck (MRK Quote). Also, biopharmaceutical company Amylin (AMLN Quote) and Hepatitis C drug developer Vertex (VRTX Quote) will present their results.

Here are the Thomson Financial consensus targets to bear in mind as the companies bare their numbers:

• Eli Lilly -- earnings of 96 cents a share on revenue of $4.82 billion
• Merck -- earnings of 86 cents a share on revenue of $6.11 billion
• Amylin -- a loss of 48 cents a share on revenue of $223 million
• Vertex -- a loss of 65 cents a share on revenue of $57.43 million.