Health stocks followed the dismal path of the broader markets Monday -- despite a few individual stock successes -- with little enthusiasm for the start of second-quarter earnings.
The Nasdaq and Amex biotechnology indices were down 0.6% and 0.3%, respectively, while the Amex pharmaceutical index gave up 0.2%.
One Nasdaq component bucking the trend,
shares added $2.03, or 24.3%, climbing to $10.37, on Monday after the company said that its experimental drug
in patients in a phase IIb study.
In analyst actions, Lazard Capital upped its price target for
to $26 from $20 on Monday, citing revenue potential of the company's Down's Syndrome test in light of its decision to market it without a partner in the U.S. Shares were up $1.86, or 10.2%, at $20.06.
( GENZ) a big upgrade, raising its rating to buy from hold and upping its price target to $91 from $80. Genzyme shares traded up $1.27, or 1.7%, at $76.94.
said Monday that it entered into a agreement with
to co-develop and co-commercialize Actelion's insomnia drug almorexant. Glaxo is paying Actelion roughly $147 million upfront, with the potential for roughly $406 million in future milestones, in addition to milestones tied to further indications. Glaxo shares were trading down 73 cents, or 1.5%, at $46.79.
In another team-up,
said Monday that it entered into a licensing agreement with
for veltuzumab, a subcutaneous formulation for the treatment of all non-cancer indications. Nycomed will develop the drug in rheumatoid arthritis as the primary indication.
Immunomedics will receive $40 million upfront and up to $580 million more tied to clinical, regulatory and sales-based milestones as well as royalties on sales. Shares were up 37 cents, or 16.8%, at $2.57.
Also trading lower was
, which was
featured in a column
that took a critical look at the company's drug candidate Advexin. The stock was down 29 cents, or 19.5%, at $1.20.
Last, get ready for
( DNA) to kick off earnings season after the closing bell. Analysts, on average, are looking for 86 cents a share on revenue of $3.2 billion for the quarter. Shares traded down $2.36, or 3%, to $75.39.