Collaborations, analyst action, legal matters and a new CEO appointment carried sluggish health indices into the weekend.
rose 44 cents, or 10%, to $4.86 Friday, after the drugmaker named Stephen Davis to succeed William Koster as chief executive.
Davis had been chief operating officer. The company also said Dr. Stephen Uden resigned his position as executive vice president and head of research and development to pursue other interests.
Also on the rise,
climbed 79 cents, or 5.9%, to $14.09, on late Thursday's news that the company will collaborate with
Johnson & Johnson
to develop diabetes drugs. BWS Financial upgraded Isis to buy from hold, doubling its target price to $20 from $10.
In other analyst action, JMP Securities initiated coverage on biopharmaceutical company
( TPTX), which focuses on treating diseases and disorders of the central nervous system. The analysts gave it a strong buy rating and price target of $13. The stock climbed 57 cents, or 9.7%, to $6.45.
Meanwhile, a Friedman Billings Ramsey analyst downgraded
and reversed a recent price target increase. He said experts told him they will probably not use the company's Erbitux to treat most cases of lung cancer. Shares lost $4.32, or 9.9%, to $39.16.
ImClone tugged at the Amex biotechnology index, which was down 5.37, or 0.7%, to 802.09.
Also on the falling end,
said late Thursday that it would bring a
patent infringement case against
( PRX) over its plans to market a generic of heartburn reliever Zegerid.
Santarus was down 16 cents, or 6%, to $2.54, while Par was down 57 cents, or 2.8%, to $19.69.
Other stocks moved on progress reports Friday.
said Friday the FDA accepted its application for Cleviprex, an IV candidate to treat acute hypertension, which if approved would be the first new treatment on the market in 10 years, according to the company. Shares rose 56 cents, or 3.7%, to $15.83.
said it submitted a data report on experimental cancer drug compound XL880 to partner
, complying with a request in August. Glaxo, which wanted to review the compound before it reaches the proof-of-concept stage, will now have 90 days to review the data package and decide if it will select the compound for further clinical development and commercialization.
Lazard Capital Markets initiated coverage of Exelixis with a buy rating and a $14 price target. On Friday Exelixis was trading up 16 cents, or 1.6%, to $10.49. Glaxo was up 62 cents, or 1.2%, to $53.46.
In other collaboration news,
said Friday that it received a $30 million payment from Meda related to their partnership to commercialize the Bema fentanyl product for cancer pain.
The $30 million payment Friday signified the closing of the deal. Another $30 million will be due upon FDA approval, and $30 million is tied to sales milestones. BioDelivery Sciences is also eligible for royalties on net sales. Meda will market and distribute the product in the U.S. and manage the post-approval clinical development program. Shares of BioDelivery Sciences edged 4 cents, or 1%, to $3.96.