Health Stock Winners and Losers: Bristol, Glaxo
Updated from 12:42 p.m. EDT
Health care stocks were faring well Tuesday, this 12th day of May, despite a undulating broader market.
Bristol-Myers Squibb
(BMY) - Get Bristol-Myers Squibb Company Report
announced Tuesday that it would confirm its earnings forecast at the Bank of America and Merrill Lynch Health Care Conference on Wednesday in New York. Last month the company said it expects full-year earnings in the range of $1.58 to $1.73 a share. Bristol shares were tacking on 1% to $20.50 in recent trading.
GlaxoSmithKline
(GSK) - Get GlaxoSmithKline Plc Report
announced that it was acquiring a 16% stake in South Africa-based
Aspen Pharmacare
in exchange for a divestiture of assets including eight specialist medicines and a manufacturing facility in Bad Oldesloe, Germany.
Glaxo said the impact of this transaction to earnings per share is expected to be accretive in 2009 and slightly dilutive in 2010. Glaxo shares were recently up 2.9% to $31.83.
Pfizer
(PFE) - Get Pfizer Inc. Report
shares were rising after analysts Credit Suisse called the stock undervalued given the company's impending merger with
Wyeth
TheStreet Recommends
(WYE)
. The analysts also said the company could raise its dividend soon, according to
The Associated Press
.
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Also on Tuesday, Pfizer announced that Greg Simon, former president of FasterCures, is its new senior vice president for worldwide policy. Simon, who holds a law degree and was a chief domestic policy advisor for Vice President Al Gore, will be responsible for counsel and action on health care, science and technology policy issues. Pfizer shares were recently up 5.2% to $14.88.
Novo Nordisk
(NVO) - Get Novo Nordisk A/S Report
shares were up 2.7% to $50.18. Piper Jaffray initiated coverage on the stock with a "buy" rating.
Eli Lilly
(LLY) - Get Eli Lilly and Company Report
shares were up 1.1% to $35.74.
Merck
(MRK) - Get Merck & Co., Inc. Report
was up 1.9% to $24.87.
