Pharmaceutical and biotech stocks continued to sag Wednesday amid a few deals and analyst actions.
Elanco division signed an agreement to acquire worldwide rights to
dairy cow supplement Polisac.
Eli Lilly is paying Monsanto $300 million up front for rights to the Posilac brand and the product's U.S. sales force and manufacturing facility in Augusta, Ga. Monsanto shares were up $3.65, or 3.2%, at $116.51. Eli Lilly's shares were off by 14 cents, or 0.3%, at $47.66.
said it signed a development and commercialization agreement for
elotuzumab, an early stage prospective treatment for multiple myeloma.
Bristol will pick up 80% of the development costs and pay PDL $30 million for the rights to develop and market elotuzumab and the option to expand the agreement to include PDL's PDL241 after preclinical studies.
PDL could receive additional milestone payments for development and regulatory milestones and for sales milestones in multiple myeloma and other cancer indications. Shares of PDL were up 68 cents, or 5.8%, at $12.48.
were trading up $2.95, or 4.7%, at $65.35. Cannacord Adams raised its target price on the stock to $52.50 from $40, and JMP Securities raised its target price for the stock to $87 from $75.
Shares traded lower a day prior after Myriad reported its second-quarter earnings. Factoring out a one-time upfront license payment, Myriad reported a loss of 26 cents a share. Analysts surveyed by Thomson Reuters had expected a loss of 2 cents a share.
Revenue jumped to $166.9 million from $45.5 million, due to a $100 million payment from Danish drug maker H. Lundbeck A/S for European rights to Flurizan, in line with expectations.
Flurizan was plucked from development for Alzheimers after data was released in June. The company said Tuesday it's considering strategic options, including separating its molecular diagnostic business from its pharmaceutical business.
In other analyst actions, Caris & Company initiated coverage on Eli Lilly with a below average rating and a $42 price target.
Also, Leerink Swann picked up coverage of
with an underperform rating and a $15 price target. Alynylam shares were trading down $1.89, or 5.7%, at $31.06.