Regulatory news and analyst actions nudged a few biotech stocks up ahead of the weekend, maintaining a four-day rebound for health indices.
After Thursday's close, a Food and Drug Administration panel recommended approval for
drug eluting stent, the Xience V, a mesh, antibiotic-coated tube used to prop open clogged arteries. The stent was launched in Europe and international markets in 2006. The panel recommended that the agency approve it in the U.S. with conditions related to post-marketing study requirements among other things, according to the company.
Abbot shares were trading up 51 cents, or 0.9%, at $57.51.
Also, the FDA granted tentative approval for
( CPD) Abbreviated New Drug Application for Escitalopram Oxalate Tablets (escitalopram), in 5 mg, 10 mg, and 20 mg doses. The drug is the generic equivalent of
Lexapro for major depressive disorder.
Caraco is currently involved in litigation with Forest that will determine whether it can launch generic Lexapro before certain patents expire. Caraco's shares added 45 cents, or 3.1%, to $14.76. Forest were trading up 65 cents, or 1.7%, to $38.55.
In ratings changes, Lazard analyst Joel Sendek upped his price target for the
( OSIP) to $50 from $43. Also Collins Stewart upgraded the stock to buy from market perform. OSI added $1.10 or 2.4% to $46.63.
Then Susquehanna Financial upgraded
Caliper Life Sciences
( CALP) to positive from neutral. Caliper traded up 2 cents, or 0.4%, at $5.47.
Meanwhile Friedman Billings downgraded MGI Pharma, a day after the company announced it would consider its strategic alternatives, to market perform from outperform. Also JMP Securities downgraded Indevus Pharmaceuticals to market perform from strong buy. MGI edged down 55 cents, or 1.6%, to $34.55 and Indevus shares descended 19 cents, or 2.5%, to $7.38.
OSI Pharma, Caliper Life Sciences, MGI Pharma, and Indevus are all components of the Nasdaq Biotechnology Index, which was up 1.55 points, or 0.2%, to 866.31.
said Friday that it will sell about $6.5 million of its 7% convertible preferred stock and warrants in a registered offering to several institutional investors. It plans to use the proceeds of the offering towards the closing of its purchase of Zevalin from Biogen Idec and for general corporate purposes.
Shares edged up 4 cents, or 1.6% to $2.59.