Updated from 11:43 a.m. EDT
Positive earnings news out of
Johnson & Johnson
was leading the headlines on the
Dow Jones Industrial Average
and among health care stocks Tuesday.
Johnson & Johnson said first-quarter earnings fell to $2.6 billion, or 88 cents a share, from $3.3 billion, or $1.10 a share, a year ago. However, adjusted results topped the Thomson First Call analysts' consensus of $1.05 a share, and J&J was higher by $1.53, or 2.4%, at $64.55.
Other pharmaceutical stocks lost ground.
( WYE) was off 0.8%,
was down 0.6%, and
J&J's gain helped boost the Amex Pharmaceutical Index, which was up slightly. The Amex Biotechnology Index also gained ground, despite losses of 0.7% or more in
Human Genome Sciences
( HGSI), and
surged after the company said its AQ4N compound looked to be effective during animal studies. The treatment targets oxygen-starved regions of cancerous tumors that are hard to reach with other cancer therapies. The stock jumped $1.32, or 19.7%, to $8.02.
also soared after the company reported positive Phase II clinical data for its lung cancer drug candidate Telcyta. After rising more than 20% earlier in the day, Telik closed up 54 cents, or 9.2%, at $6.43.
On the flip side, biotech company
shed 10.6% a day after the company said its Oncophage cancer vaccine showed positive results in a clinical trial as a treatment for brain cancer. Antigenics, which surged 20.7% on Monday, lost 47 cents to $3.96.
also sank a day after the company offered $250 million in senior subordinated convertible bonds, with an underwriter's option for $37.5 million more to cover overallotments. BioMarin fell $1.21, or 6.8%, to $16.62.