Health Stocks in Motion

Biosite rallies on strong guidance.

Author:: Mark Martinez
Publish date:: Jul 16, 2004 4:51 PM EDT

Biosite rallies on strong guidance.

Updated from 2:38 p.m. EDT

Shares of

Biosite

(BSTE)

were among the best-performing health care stocks Friday after the company said second-quarter earnings and sales would be better than anticipated.

The San Diego, Calif.-based company now expects to earn 57 cents to 62 cents a share on sales of $60 million. Previously, it said it would earn 46 cents to 55 cents a share on sales of $53 million to $58 million. Analysts polled by Thomson First Call had expected it to earn 49 cents a share on sales of $55 million. The company attributed the upbeat outlook to better gross margins and success in sustaining its Triage BNP market share. Shares of Biosite traded up $3.18, or 7.4%, to $46.

ICU Medical

(ICUI) - Get Report

fell after it reported weaker-than-expected second-quarter earnings and sales. It earned 23 cents a share on sales of $21.7 million. Analysts had expected it to earn 29 cents a share on sales of $25 million. A year ago ICU earned 26 cents a share on sales of $21.3 million. Shares of ICU Medical traded down $3.05, or 10.2%, to $26.95.

Shares of

Bradley Pharmaceuticals

(BDY)

rose after Standard & Poor's said it would add the company to its S&P Small Cap 600 Index. Bradley will replace

Seacoast Financial Services

(SCFS)

, which is being acquired by

Sovereign Bancorp

(SOV)

. The change is expected to take place after the close of trading on July 23. Shares of Bradley Pharmaceuticals traded up 94 cents, or 3.7%, to $26.10.

Xenogen

(XGEN)

rose on its first day as a publicly traded company. The biotech concern priced 4.2 million shares at $7 apiece, raising a little more than $29 million. It had expected to sell shares for $8, which had been reduced from an earlier range of $9 to $11. Thomas Weisel Partners led the underwriting syndicate, which included CIBC World Markets and JMP Securities. Shares of Xenogen traded up 50 cents, or 7.1%, to $7.50.

Other health care volume movers included

Pfizer

(PFE) - Get Report

, down 20 cents to $32.38;

Johnson & Johnson

(JNJ) - Get Report

, up $1.45 to $56.80;

Guidant

(GDT)

, up $1.30 to $54.55;

Amgen

(AMGN) - Get Report