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
and Seroquel from
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
of 4.2% and 0.7%, respectively.
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,
was higher by 6.9%,
gained 8.4%, and
Johnson & Johnson
was up 1.1%.
On the losing side, shares of
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.
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
, which fell 10.7%, and
, which was down 4.9%.