This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Health Winners & Losers: ImClone

Buyout fever launched biotech stocks higher Thursday, pushing earnings to the back burner for a day.

The Amex biotechnology index rallied 4.1% to 864.14. The rally got started early when Bristol-Myers Squibb (BMY) announced a $60-a-share bid to buy ImClone (IMCL), valuing the biotech company at $5.2 billion.

Shares of ImClone, a component of the Nasdaq biotech index, soared $17.49, or 37.7%, to $63.93 while Bristol shares gave up 39 cents, or 1.8%, to $63.93.

The buyout enthusiasm spilled over to other stocks as investors pondered the possibility other such Big Pharma-biotech mergers. Amylin (AMLN) and Onyx (ONXX) gained 14.8% and 10%, respectively.

In clinical and regulatory news, Genmab and GlaxoSmithKline (GSK - Get Report) reported positive preliminary results from a late-stage trial on ofatumumab for patients with chronic lymphocytic leukaemia, or CLL, and said they plan to file for U.S. and European regulatory approval by the end of the year.

If approved, the drug could compete with Genentech (DNA) and Biogen Idec's (BIIB) Rituxan.

Glaxo shares ended essentially flat, while Biogen Idec fell $1.51, or 2%, to $69.76 and Genentech edged up 25 cents, or 0.3%, to $95.25.

A legal and regulatory item, generic-drug maker Barr Pharmaceuticals (BRL) is striking again. The company said it is challenging a patent held by Belgian drug maker UCB Inc. for 5-mg tablets of hay fever treatment Xyzal. UCB filed a patent infringement lawsuit against Barr on Wednesday. The drug was developed by Sepracor (SEPR) and licensed to UCB. Sanofi-Aventis (SNY) markets it in the U.S.

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
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

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
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
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!
SYM TRADE IT LAST %CHG
CADX $0.00 0.00%
ONXX $0.00 0.00%
IMCL $5.40 -3.57%
AZN $68.43 -2.16%
GSK $46.15 -2.22%

Markets

DOW 17,776.12 -200.19 -1.11%
S&P 500 2,067.89 -18.35 -0.88%
NASDAQ 4,900.8850 -46.5560 -0.94%

Partners Compare Online Brokers

Free Reports

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