This Day On The Street
Continue to site
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

Tuesday's Health Winners & Losers

Health stocks spent most of the day lower with the broader market Tuesday.

The Amex pharmaceutical index fell 1% to 300.44; the Amex biotechnology index tracked 0.7% lower to 752.09; and the Nasdaq biotechnology index sank 0.9% to 802.39.

Merck (MRK - Get Report) got the downward action started early Tuesday on news the Food and Drug Administration rejected MK-0524A, the drugmaker's proposed new cholesterol treatment. Merck shares sank 10.6% to $37.04 on heavy volume.

More declines came from biotech companies Genentech (DNA) and Biogen Idec (BIIB - Get Report), which disclosed negative study data for Rituxan. In a late-stage-study, patients with systemic lupus erythematosus (SLE), commonly called lupus, failed to respond any better to Rituxan vs. placebo after one year of treatment. None of the study's six secondary endpoints was successful, either. Genentech shares fell about 7% to $68.06, while Biogen lost about 5% to $61.45 on heavier-than-usual volume.

Idenix Pharmaceuticals (IDIX) also lost ground Tuesday, falling some 9% to $6.58. The biotech company posted a wider first-quarter loss of $20.5 million, or 36 cents a share, vs. a loss of $11.6 million, or 21 cents a share, in the prior-year quarter. Revenue came in at $2 million, a sharp decline from the $24.8 million the company generated a year ago. In addition, Susquehanna Financial downgraded Idenix shares from positive to neutral. The stock sank about 10% to $6.53.

Also suffering from a downgrade Tuesday was Tenet Healthcare (THC - Get Report), which Deutsche revised from buy to hold with a $7.25 price target. Shares of the hospital operator fell 2.2% to $6.55.
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
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
BIIB $279.88 0.23%
HGR $13.95 -0.36%
IDIX $24.50 0.20%
MRK $51.02 0.14%
THC $37.26 -2.49%


Chart of I:DJI
DOW 17,050.75 +138.46 0.82%
S&P 500 1,995.83 +15.91 0.80%
NASDAQ 4,810.7880 +19.6360 0.41%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs