Health stocks closed the week on a relatively dull note, with light news and a few analyst tweaks.
The Nasdaq and Amex biotechnology indices were off 0.5% and by 0.6%, respectively, slightly worse off than the greater markets.
After the market closed Thursday, activist investor Carl Icahn continued his correspondence with
CEO James Cornelius, the latest in their exchange regarding Bristol's rejected $60-a-share bid for
. Icahn, who earlier in the week announced that a new bidder had offered $70 a share, said that should Bristol submit a new offer, he would respond accordingly.
ImClone shares closed down $1.13, or 1.7%, at $65.80, while Bristol traded up 41 cents, or 1.9%, to $22.23.
Elsewhere, Robert W. Baird analyst Thomas Russo upgraded
to outperform from neutral, noting that prescription trends suggest an in-line or better quarter shaping up. Also, Deutsche Bank analyst Mark Schoenebaum said in a note this week that the street could be underestimating the company's long-term profit margin potential.
Nonetheless, shares were off by 92 cents, or 1.9%, at $48.12.
A few analyst actions, RBC Capital Markets upped its price target for
( MITI) to $8 from $4.50. The stock was up 75 cents, or 14%, at $6.07.
Also Jeffries and Co. upped its target for
to $65 from $59. The stock was off by 79 cents, or 1.3%, at $59.74.