Winners & Losers
Health Winners & Losers: Abbott
05/13/08 - 03:58 PM EDT
Earnings, analyst actions and a buyout moved a few individual health stocks in both directions on Thursday, but did little for the sector overall. The Nasdaq and Amex biotech indices slightly underperformed the broader markets, shedding 0.87% and 0.96%, respectively. One big mover on Tuesday came from Iomai IOMI, which is not a component of the indices. A buyout sent shares of the biotech soaring 117% to $6.33. Intercell AG announced late Monday a deal to acquire the company in a stock and cash transaction valuing the biopharmaceutical company at roughly $189 million. Intercell will pay $6.60 a share for Iomi -- a 126% premium to the stock's closing price Monday. Elsewhere, in medical devices, Abbott Labs ABT said that in the Spirit III trial for its Xience V stent -- a mesh tube used to prop open clogged arteries -- proved safer than Boston Scientific's BSX Taxus stent at two years. The company said the Xience V stent resulted in a 45% reduction in the risk of major cardiac events and a 32% reduction in the risk of cardiac events related to the treated vessel at two years in comparison to the Taxus device. The trial, which involved just more than 1,000 patients, is the basis for the Xience V's premarket application for Food and Drug Administration approval. Abbott shares were up $1.47, or 2.8%, at $54.25, while Boston Scientific shares gave up 38 cents, or 2.8%, to $13.03. Meanwhile, medical device company NxStage NXTM bled $1.86, or 27.6%, to $4.88, on Tuesday.
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