Health Winners & Losers: ImClone
Barr's shares traded up 68 cents, or 1%, to $65.98.
In other regulatory news, shares of Cadence (CADX) climbed $3.87, or 60.3%, to $10.29 after the company said the Food and Drug Administration will not require any additional trials for its new-drug application (NDA) for Acetavance, an intravenous formulation of acetaminophen. Pending the completion of three ongoing trials, it anticipates filing the NDA in the second quarter of 2009 for approval to treat acute pain and fever in adults and children.
And, of course, earnings. British drugmaker AstraZeneca (AZN) reported net profit of $1.62 billion in the recent quarter, up from $1.43 billion a year prior, on revenue that rose 9% to $7.96 billion. The company upped its 2008 core earnings per share guidance by 15 cents to a range of $4.60 to $4.90. Shares rose 3.8% to $48.55.
On the falling side, medical technology company Hologic (HOLX) missed adjusted profit estimates by 4 cents a share and reined in full-year guidance. Jefferies analyst Arthur Henderson downgraded the stock to hold from buy and cut his price target to $24 from $28. Shares were down $4.38, or 19.2%, at $18.47.
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