Friday's Health Winners & Losers

Sanofi-Aventis climbs on an extended FDA approval.
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Updated from 11:30 a.m. EDT

Pharmaceutical and biotech stocks were chasing the major averages higher Friday, after two European drugmakers received positive news from the Food and Drug Administration.

The FDA said it has granted extended approvals for Lovenox from

Sanofi-Aventis

(SNY) - Get Report

and Seroquel from

AstraZeneca

(AZN) - Get Report

.

While AstraZeneca was 8 cents lower at $54.19, shares of Sanofi-Aventis were up $1.09, or 2.4%, to $47.29. The Amex Pharmaceutical Index, of which both are components, was higher by 0.8%.

The Amex Biotechnology Index also edged higher, thanks to gains in

Intermune

(ITMN)

and

Amgen

(AMGN) - Get Report

of 4.2% and 0.7%, respectively.

Avant Immunotherapeutics

(AVAN)

jumped 15.6% after the company said its typhoid fever vaccine showed excellent results in a clinical trial. Avant added 14 cents to $1.04.

Also among winners,

Avanir Pharmaceutical

(AVNR)

was higher by 6.9%,

Elan

(ELN)

gained 8.4%, and

Johnson & Johnson

(JNJ) - Get Report

was up 1.1%.

On the losing side, shares of

Tenet Healthcare

(THC) - Get Report

fell 1.2% after Bear Stearns downgraded the company to underperform from peer perform. The firm cited a longer-than-expected turnaround for Tenet, due to weak financial performance in California. The stock was down 8 cents at $6.88.

Meanwhile,

CV Therapeutics

(CVTX)

slumped 1.3% a day after a filing showed that hedge fund investor Third Point purchased a 10% stake in the company, which totals 5.9 million shares. CV Therapeutics was down 15 cents to $11.13.

Other decliners included

Sepracor

(SEPR)

, which fell 10.7%, and

Dendreon

(DNDN)

, which was down 4.9%.