Health stocks ended Friday on a generally upbeat note. The Nasdaq biotechnology index closed up 1.3%, and the Amex pharma index finished up 0.6% at 305.34.
Genentech (DNA Quote) rose 1.4% to $96 Friday following a late-Thursday announcement that the biotech company has formed a team to assess Roche's $89-a-share buyout bid. Genentech stated it's not obligated to agree to a deal with its majority shareholder. A number of Wall Street upgrades and positive notes sent several stocks in the sector higher. BioMarin Pharmaceutical (BMRN Quote) rose 1.9% to $31.49 on a UBS upgrade to buy from neutral. BioSphere Medical (BSMD Quote) rose 2.2% to $3.65 on an upgrade by Piper Jaffray from neutral to buy. Shares of medical equipment company RTI Biologics (RTIX Quote) rose 5.3% to $8.41 on an upgrade by Roth Capital from hold to buy. And Alexion Pharmaceuticals (ALXN Quote) climbed 6.1% to $80.98 after Collins Stewart initiated coverage of the stock with a buy rating.- Loading Comments...
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