Updated from 2:19 p.m. EST
PSS World Medical
( PSSI) were among the best-performing health-related stocks Friday, rising 7.8% after the company raised its 2005 earnings guidance and said that earnings would grow by 20% annually during the fiscal years of 2006 through 2008.
The distributor of medical products now expects 2005 earnings of 60 cents a share, up from previous guidance of 57 cents to 59 cents a share. The estimate includes a tax benefit of 9 cents a share. Analysts polled by Thomson First Call had been expecting earnings of 51 cents a share, which excluded the tax benefit. On that basis, the company's latest earnings guidance is in line with current estimates. Shares traded up 89 cents to $12.26.
rose 4.9% after the maker of ophthalmic products said that it plans to sell 4.1 million newly issued shares of stock for $3.50 apiece. The stock deal, which is being offered to institutional investors, is expected to close on or about April 5. Pacific Growth Equities is acting as placement agent for the transaction. Shares traded up 19 cents to $4.10.
rose modestly after the company withdrew its 2005 earnings guidance. The company, which has seen its shares battered over the last month because of deaths related to its multiple sclerosis drug Tysabri, said that "investors should no longer rely upon the financial guidance" that it gave on Feb. 7. Biogen said that the voluntary suspension of the marketing of Tysabri by it and its partner
led to the decision to withdraw its 2005 earnings guidance. Shares traded up 23 cents to $34.74.
fell 4.8% after the company said that it would sell 2 million shares of stock for $15.25 apiece, raising about $29.3 million. The price represents a 9% discount to Thursday's closing price of $16.81. Progenics said that it would use proceeds from the deal to fund clinical trials of its investigational drug methylnaltrexone and other drug candidates. CIBC World Markets and UBS Investment Bank led the underwriting syndicate. Shares traded down 81 cents to $16.
rose 7.1% after the company said that
exercised warrants to buy 7 million shares of EntreMed stock. The warrants were exercised at $1.50 a share and resulted in cash proceeds of $10.5 million. "Financially, this transaction ensures that EntreMed has the resources necessary to fund operations into 2007," the company said. At the end of 2004, EntreMed had cash and short-term investments that were worth about $34.5 million. Shares traded up 15 cents to $2.25.
Other health care movers included
, down 12 cents to $26.15;
Johnson & Johnson
, down 31 cents to $66.85;
, down 86 cents to $57.35;
, down 6 cents to $32.31;
, down $3.14 to $74.67;
( SGP), down 26 cents to $17.89;
( DNA), down 33 cents to $56.28;
, up 3 cents to $2.11; and
, unchanged at $220.127.116.11 to $34.51.