This Day On The Street
Continue to site
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

Health Winners & Losers: Amgen, Mentor

Health stocks followed the broader market volatility Friday as the House approved an economic bailout plan and President Bush pledged to sign it.

The Nasdaq and Amex biotechnology indices were up 1.3% and 0.8%, respectively, by midafternoon Friday. The Amex pharmaceutical index settled into a 0.3% gain.

Amgen (AMGN) said late Thursday that the U.S. District Court in Boston upheld the prior jury verdict and court rulings on its dispute with Roche regarding patents related to its anemia drugs Aranesp and Epogen. The court also ruled that Amgen is entitled to permanent injunction prohibiting Roche from selling Mircera in the U.S.

Rodman and Renshaw analysts called the court's ruling significantly positive for Amgen. Shares were up by $1.68, or 2.9%, at $60.27.

Meanwhile, Genentech (DNA) said Thursday after the close that it issued a "Dear Healthcare Provider" letter to tell prescribers about a case of progressive multifocal leukoencephalopathy (PML) in a patient who'd taken Raptiva for chronic plaque psoriasis. The company said that based on medical information to date, Raptiva may have contributed to the development of this deadly brain infection in the recent case. The company said one other patient, age 62, treated with the drug developed progressive neurological symptoms and died of an unknown cause.

Genentech said it would work with the Food and Drug Administration (FDA) to update the prescribing information for the drug and determine whether further action would be necessary. Shares were up $2.23, or 2.6%, at $88.74.

A number of drugs have been linked to PML, including Biogen (BIIB - Get Report) and Elan's (ELN) Tysabri, Biogen and Genentech's Rituxan, Roche's CellCept and Novartis' (NVS - Get Report) Myfortic.
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
Only $9.95
14-Days Free
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
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
ELN $0.00 0.00%
BIIB $286.86 -2.17%
NVS $85.24 -0.70%
AAPL $118.30 0.42%
FB $104.24 -1.15%


Chart of I:DJI
DOW 17,719.92 -78.57 -0.44%
S&P 500 2,080.41 -9.70 -0.46%
NASDAQ 5,108.6660 -18.8590 -0.37%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs