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Health Winners & Losers: Gilead

Biotech stocks overall ticked up slightly Thursday, but one notable exception was Cell Genesys (CEGE), which sank 75% to 17 cents on word of a serious clinical setback.

The decline in Cell Genesys came after the company said it terminated a second study on its prostate cancer vaccine GVAX, and said it would cut 75% of its workforce.

Still, Cell Genesys did little to hurt the Nasdaq Biotechnology index, of which it's a component. The index added 3.3%, outperforming the broader market.

The Amex Biotechnology index added 2.1%. Components and biotech bellwethers Amgen (AMGN - Get Report) and Celgene (CELG - Get Report) added 1.6% and 1.5%, respectively.

Celgene (CELG - Get Report) and Acceleron Pharma said they have initiated a midstage trial on an investigational bone loss therapy in patients with multiple myeloma. It will trigger a $5 million milestone payment from Celgene to Acceleron.

Following the close, earnings are expected from Gilead (GILD - Get Report). Analysts surveyed by Thomson Reuters are looking for a profit of 49 cents a share on $1.32 billion in revenue. Gilead shares were up 5.9% ahead of quarterly results.

Elsewhere, Brean Murray and Merriman Curhan Ford initiated coverage on multiple small- to mid-cap health-care stocks.

Brean Murray began coverage on Mentor (MNT) with a hold rating. Shares were off by 1.5% at $15.82.

The firm also picked up coverage on Xtent (XTNT), NuVasive (NUVA - Get Report) and Hansen Medical (HNSN - Get Report) with buy ratings. Xtent shares were up 9.8%, and NuVasive gave up 2.2%. Hansen Medical gained 6.6%.

Meanwhile, Merriman Curhan Ford started Dendreon (DNDN) with a sell rating. The stock was down 1.7%, at $80.06. The firm began coverage on Ariad Pharma (ARIA) with a neutral rating. Shares rose 7.3% to $1.61.
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AMGN $142.65 -0.81%
CELG $100.53 -2.50%
GILD $86.65 -1.30%
HNSN $2.19 -0.45%
NUVA $41.56 -0.31%


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S&P 500 1,825.47 -26.39 -1.43%
NASDAQ 4,237.9050 -45.6870 -1.07%

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