Health stocks moved higher along with the broader market Thursday. The Amex biotechnology index climbed 1.4% to 801.88, and the Nasdaq biotechnology index rose 0.6% to 860.06. The Amex pharmaceutical index edged up 0.2% to 305.36.
climbed after Citigroup initiated coverage of the stock with a buy rating. The stock rose 3% to $81.16.
Rumors of deal talks moved generic-drug makers
, albeit in different directions. According to Israeli newspaper reports, Israel-based Teva is in talks to buy N.J.-based Barr for up to $7.5 billion.
Barr surged $10.35, or 22.1%, to $57.17, but Teva sank $1.36, or 3.2%, to $41.05.
lost ground Thursday after announcing late Wednesday a final patent suit settlement with Impax Laboratories. Wyeth has granted Impax a license permitting Impax to launch a generic capsule formulation of Wyeth's Effexor XR antidepressant on or after June 1, 2011. Impax will pay Wyeth a royalty on sales of this generic version of the extended-release drug.
sank 16.5% to $24. The life science company posted fiscal third-quarter earnings of $7.8 million, or 19 cents a share, which is down from the $8.8 million, or 22 cents a share, it posted a year ago. Sales rose 11% to $33.1 million. Earnings were fell in line with analysts' expectations, but revenue fell short of the Thomson Reuters consensus estimate of $34.58 million.
This article was written by a staff member of TheStreet.com.