Health stocks fell Tuesday, but not quite so much as the broader markets.
The Nasdaq and Amex biotechnology indices were down 1.2% and 1.3%, respectively.
Bucking the trend, health stock
got approval for its PAS-Port system for use in cardiac bypass surgery. Shares surged 25.8% to $10.05.
shares continued to fall for a second day on late-stage study results on its diabetes drug Viaject. The data varied considerably in one of the study sites. Shares were off by 13% to $5.
Meanwhile, generic drugmaker
said Monday after the market's close that it will retain its specialty drug business
following a strategic review, but will relocate its commercial operations to the East Coast from Napa, Calif. Mylan reaffirmed its adjusted earnings outlook for the next three years.
In a separate announcement, Mylan said it will offer $400 million in notes, due 2015, to institutional investors through a private offering to qualified buyers. The company said it will use the proceeds to pay down its credit security. Shares were off by 10.6% at $11.10.
said Tuesday that a three-judge panel of the 3rd Circuit Court of Appeals voted 2-1 to reinstate a consolidated securities class action suit. The suit was originally brought by investors in connection with disclosures regarding Vioxx, but had been dismissed by a federal district court in April 2007.
Merck's shares were down by 3.2% to $34.34.
Some of Merck's pharma peers were hit harder.
shares gave up 5.4%, to $11.02. And
fell 5.1% to $18.63.