Shares of

Vanda Pharmaceuticals

(VNDA) - Get Report

rose 8.7% to $29.67 after the company said it priced an offering of 3.8 million shares at $27.29 a share.

After underwriting discounts, commissions and estimated offering expenses, proceeds are expected to be approximately $96.2 million.

Abbott's

(ABT) - Get Report

stock was upgraded by analysts at UBS to a neutral rating from reduce after the health care giant agreed to sell its diagnostics business to

GE

(GE) - Get Report

for about $8 billion.

Analyst Kenneth Weakley raised his price target on the stock to $53 from $43. Shares were trading 1.1% higher to $53.37 Friday morning.

Shares of

CV Therapeutics

( CVTX) rose after Cantor Fitzgerald initiated coverage of the stock with a buy rating citing strong prescription trends.

Analyst George Zavoico sets a $32 price target on the stock and says CV Therapeutics will achieve profitability in 2009. Shares gained 3% to $14.31 Friday.

Shares of diagnostics company

Celera

( CRA) jumped 8.6% to $15 Friday after the stock was upgraded to outperform from market perform by analysts at Piper Jaffray.

"Since emerging out from under the genomics business, Celera has established itself as one of the better positioned molecular diagnostics companies, in our opinion," wrote analyst William Quirk, who raised his target price on the stock to $16 from $14.

Among other health care winners Friday were

Genentech

( DNA), up 1.7% to $89.06;

TST Recommends

Genzyme

( GENZ) 1% higher to $67.51;

Watson Pharmaceuticals

(WPI)

, rising 2.4% to $26.36;

Vernalis

(VNLS)

, gaining 6.5% to $2.80; and

SIGA Technologies

(SIGA) - Get Report

, whose shares jumped 11.1% to $3.79.

Among the losers were

Gilead Sciences

(GILD) - Get Report

, down 1% to $65.50;

American Oriental Bioengineering

( AOB), falling 4% to $12.42;

Inspire Pharmaceuticals

( ISPH), losing 4.4% to $6.92;

CollaGenex Pharmaceuticals

(CGPI)

, down 2.4% to $14.50; and

King Pharmaceuticals

( KG) off 1.3% to $17.28.