This Day On The Street
Continue to site right-arrow
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

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) 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

Select the service that is right for you!

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 17,778.15 +421.28 2.43%
S&P 500 2,061.23 +48.34 2.40%
NASDAQ 4,748.3960 +104.0840 2.24%

Brokerage Partners

Rates from

  • 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