Wednesday's Health Winners & Losers

Updated from 12:49 p.m. EDT

Health stocks were hit hard Wednesday, as negative analyst calls on recent favorites Dendreon (DNDN Quote) and Nuvelo (NUVO Quote) combined to weigh on the sector.

JMP Securities downgraded Dendreon to market perform from strong buy, while Banc of America Securities reduced Nuvelo to sell from neutral. Dendreon, which has tripled in price since late March, lost $3.92, or 17.7%, to $18.23. Nuvelo was off 97 cents, or 18%, to $4.43.

Fellow biotherapy company Cell Genesys (CEGE Quote) dropped 12.3% to $5.33. All three names are part of the Nasdaq Biotechnology Index, which fell nearly 1%. ...