Health Winners & Losers: ImClone
Health stocks were volatile following the broader markets and sentiment around the governments' financial bailout plan.
After a decent morning, the Nasdaq Biotechnology Index took a mid afternoon drop -- the biotech barometer was down 1.08, or 0.1%, at 834.04 in recent figures.
Late Monday, Bristol-Myers Squibb (BMY) increased its offer for ImClone (IMCL) to $62 a share, a 48% premium to the company's average trading price for the three months proceeding Bristol-Myers' $60-a-share bid made in early August. ImClone shares were up $3.14, or 5.3%, at $62.54, while Bristol edged down 42 cents, or 2%, to $20.20.
Genzyme (GENZ) gave a few calendar updates on Tuesday -- it expects the Food and Drug Administration to make a decision on its application for Myozyme at the 2000L bioreactor scale by Nov. 29. The company already has approval for Myozyme manufactured at the 160L bioreactor scale. An FDA advisory panel will meet on Oct. 21 to discuss proprietary manufacturing data and the clinical data that is the basis for the proposed label indication for the new scale of the product.The company also said that the FDA has granted its Mozobil a priority review with a goal decision date of Dec. 16, and has a goal decision date of Dec. 23 for its Synvisc-One. Genzyme shares were off fractionally to $76.25. A few analyst actions: Lazard Capital upgraded Valeant Pharmaceuticals (VRX) to hold from sell and increased its rating for Xenoport (XNPT) to buy from hold. Valeant was off fractionally and Xenoport was rising 1.4%.
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