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
TheStreet Open House

Health Winners & Losers: Indevus

Pharma stocks mostly fell while their biotech counterparts generally kept in the green midweek, presenting a mixed platter of regulatory and business updates Wednesday.

Indevus (IDEV) shares slid 69% to $1.26 Wednesday on news of a Food and Drug Administration delay. The company said regulators will not approve Nebido, a long-acting injectable testosterone, without additional safety data and a new clinical trial expected to take 18 months.

The FDA also said Wednesday that it's looking into a possible cancer risk in a class of drugs called tumor necrosis factor blockers (TNF inhibitors) in young arthritis patients. The drugs include Abbott's (ABT) Humira, Schering-Plough's (SGP) Remicade and Amgen (AMGN) and Wyeth's (WYE) Enbrel.

The agency issued an "early communication" that it has received 30 reports of cancer development in children and young adults who were taking the drugs over the last 10 years. About half were lymphomas, or immune system cancer.

Amgen and Wyeth, which issued a statement in response, traded up 0.8% and down 0.9%, respectively. Abbott's shares were down 0.5%, and Schering fell 0.4%.

In ratings actions, Cowen and Co. analyst Steve Scala upgraded Eli Lilly (LLY) to outperform from neutral on Wednesday, on optimism regarding the upcoming FDA decision on Lilly's blood-thinner Effient. Lilly's shares added 1.5% to $49.04.

Scala also upgraded Novartis (NVS) to outperform from neutral, but downgraded Bristol-Myers Squibb (BMY) to neutral from outperform. Those pharma stocks each traded down 1.4%.

The Amex pharmaceutical index, which includes Lilly and Bristol but not Novartis, was down 0.6% at 296.86. Biotechnology companies seemed to fare better. The Nasdaq and Amex biotech indices both added 0.9%.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

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.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,792.09 -250.81 -1.47%
S&P 500 1,948.41 -23.88 -1.21%
NASDAQ 4,423.6250 -69.7650 -1.55%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs