Genzyme Shares Rise on FDA Panel Nod

Genzyme's new osteoarthritis drug received recommendation from Food and Drug Administration panel, giving the company's shares a boost Wednesday.

Genzyme's stock was up $2.24, or 3.54%, at $65.50 in at midday.

A five-member FDA panel unanimously recommended approval of a single-injection version of Synvisc, which relieves pain between the joints. A three-injection version of Synvisc has already received approval.

Though the FDA doesn't have to approve a drug based on a panel's suggestion, it generally does.

Know What You Own: Some of Genzyme's competitors include Johnson & Johnson (JNJ Quote) and Shire Limited (SHPGY Quote). At midday Wednesday, JNJ shares were up 8 cents, or 0.14%, at $57.89. Shire shares were up 64 cents, or 1.55%, at $41.87. The Nasdaq Biotechnology Index was up $11.19, or 1.67%. at $688.14.