Health Winners & Losers: Sequenom

Health stocks followed the dismal path of the broader markets Monday -- despite a few individual stock successes -- with little enthusiasm for the start of second-quarter earnings.

The Nasdaq and Amex biotechnology indices were down 0.6% and 0.3%, respectively, while the Amex pharmaceutical index gave up 0.2%.

One Nasdaq component bucking the trend, Cardiome (CRME Quote) shares added $2.03, or 24.3%, climbing to $10.37, on Monday after the company said that its experimental drug vernakalant reduced the rate of abnormal heart rhythms in patients in a phase IIb study.

In analyst actions, Lazard Capital upped its price target for Sequenom (SQNM Quote) to $26 from $20 on Monday, citing revenue potential of the company's Down's Syndrome test in light of its decision to market it without a partner in the U.S. Shares were up $1.86, or 10.2%, at $20.06.

Citigroup gave Genzyme (GENZ Quote) a big upgrade, raising its rating to buy from hold and upping its price target to $91 from $80. Genzyme shares traded up $1.27, or 1.7%, at $76.94.

Elsewhere, GlaxoSmithKline (GSK Quote) said Monday that it entered into a agreement with Actelion to co-develop and co-commercialize Actelion's insomnia drug almorexant. Glaxo is paying Actelion roughly $147 million upfront, with the potential for roughly $406 million in future milestones, in addition to milestones tied to further indications. Glaxo shares were trading down 73 cents, or 1.5%, at $46.79.

In another team-up, Immunomedics (IMMU Quote) said Monday that it entered into a licensing agreement withNoycomed for veltuzumab, a subcutaneous formulation for the treatment of all non-cancer indications. Nycomed will develop the drug in rheumatoid arthritis as the primary indication.