were among the best-performing health-related stocks Wednesday, rising 20% after the company said the Food and Drug Administration approved Increlex, a drug used to treat growth failure in children with severe primary insulin-like growth factor-1 deficiency.
The drug can also be used in children with growth hormone gene deletion who develop neutralizing antibodies to growth hormone. In addition to approving the drug, the FDA also granted orphan drug status to Increlex for severe primary insulin-like growth factor-1 deficiency. "Today, Increlex becomes Tercica's first commercial drug and represents the first major innovation in the treatment of short stature since recombinant growth hormone was approved 20 years ago -- an advance that we believe will change the way physicians diagnose and treat patients with growth failure due to severe primary IGFD," the company said. Shares were trading up $1.88 to $11.21.
rose 8% after the company said Aventis Pharmaceuticals extended its research contract with the company. As part of the one-year contract extension with Aventis Pharmaceuticals, which is a unit of
, ImmunoGen will receive $18.2 million in additional funding. The new funding is in addition to research support that's already been committed as part of the original three-year agreement, which expires on Aug. 31, 2006. The one-year extension begins September 2006. "The extension enables the two companies to work together for a fourth year to develop new compounds that can potentially generate revenue for ImmunoGen," ImmunoGen said in a statement. Shares were trading up 46 cents to $6.39.
rose 9% after the company said it would take responsibility for the sale of Synagis in the U.S. on an exclusive basis beginning on July 1, 2006. Until then, the company will continue to co-promote the drug with
. "This transaction and the resulting elimination of the co-promotion fees to Abbott should be substantially accretive to MedImmune's earnings per share beginning in 2007," MedImmune said.
The company now expects 2007 earnings of $1.15 a share. In the short term, the amended co-promotion agreement will shave 10 cents from the company's 2005 earnings and 11 cents a share from its 2006 results. MedImmune now expects 2005 earnings of 24 cents to 30 cents a share and 2006 earnings of 40 cents to 50 cents a share. Analysts had been expecting earnings of 39 cents a share in 2005 and 47 cents a share in 2006. For 2007, analysts had been expecting earnings of 70 cents a share. Shares were recently trading up $2.53 to $29.63.
Adams Respiratory Therapeutics
rose 10% after Jim Cramer featured the stock on his "Mad Money" show Tuesday evening. Cramer told his
viewers that the specialty pharmaceutical company could do especially well if new variations of the company's Mucinex exporant drug are granted marketing exclusivity during the first half of 2006. If that happens, Cramer said, he would expect sales to triple at the pharmaceutical company. Shares of the company were recently trading up $3.05 to $33.56.
Other health care volume movers included
, up 10 cents to $25.24;
, up 20 cents to $28.11;
, down 42 cents to $1.56;
, up 31 cents to $8.95;
, down 69 cents to $79.47;
Johnson & Johnson
, down 10 cents to $62.90;
, up 17 cents to $24.23; and
, up 21 cents to $21.18.