Health stocks followed the broader market higher Tuesday, rising on regulatory news and despite some Wall Street downgrades.
( IVGN) shares rose $1.80, or 4.7%, to $40.47 after the Food and Drug Administration granted premarket approval to a genetic test that helps assess breast cancer patients for whom cancer drug Herceptin is being considered.
said Tuesday that the FDA has said the July 23 advisory committee meeting will not focus specifically on its Vancocin but rather the Office of Generic Drugs discuss with the committee generic-drug issues and how they apply to locally acting drugs that treat gastrointestinal conditions. ViroPharma shares rose 44 cents, or 4.1%, to $11.27.
In business news,
said Tuesday that it licensed its anti-cancer technology to Japanese company
for $4 million and potential future milestones and royalties. Shares were up 20 cents, or 2.5%, at $8.12.
Elsewhere, shares of
climbed $1.05, or 8.7%, to $13.11 Tuesday, after the company released
results for a phase II study
on Dimebon, its experimental drug for Huntington's disease, after Monday market close.
Meanwhile, two pharmaceutical companies suffered analyst downgrades. Deutsche Securities downgraded
to hold from buy and scaled back its price target to $47 from $55. Also, Caris & Co. downgraded
( WYE) to average from above average.
Teva shares still closed up $1.83, or 4.2%, at $45.01, rebounding from a dip on Monday. And Wyeth shares closed up $1.90, or 4%, at $49.48. Both stocks are components of the Amex pharmaceutical index, which was up 3.4% at 305.47.
Elsewhere, Bank of America analyst William Ho upgraded
to neutral from sell, noting the record low that the shares were trading at in light of the failure of the company's schizophrenia drug ACP-104. Shares ticked up 25 cents, or 7.7%, to $3.51.