Wednesday's Health Winners & Losers

Avalon Pharmaceuticals is rising.
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Avalon Pharmaceuticals

(AVRX)

jumped 12.3% after the company said late Tuesday it has a deal with

Merck

(MRK) - Get Report

to develop cancer drugs. Avalon was recently higher by 57 cents at $5.20.

PDL BioPharma

(PDLI) - Get Report

was rising after First Albany upgraded the biotech company to neutral from underperform. PDL was recently adding 60 cents, or 3.3%, at $19.04.

On the other hand,

CV Therapeutics

(CVTX)

slumped more than 25% after the company's angina drug Ranexa was found to be ineffective in a study when used to treat acute coronary syndrome. Shares were recently losing $3.12 to $9.18.

Progenics Pharmaceuticals

(PGNX) - Get Report

dropped after saying late Tuesday it will partner with

Wyeth

(WYE)

to reformulate its methylnaltrexone drug for a proposed treatment for side effects of opioid analgesics. However, the companies do not expect to file a new drug application with the Food and Drug Administration until the end of 2009. Progenics was down $3.33, or 12.4%, to $23.43.

Among other health care winners,

Tercica

(TRCA)

was surging 23% to $6.

Elan

(ELN)

was higher by 2.2% at $13.03.

Pfizer

(PFE) - Get Report

was gaining 1% to $25.43.

Among decliners,

Affymetrix

(AFFX)

was losing 2.6% at $25.98.

Biogen Idec

(BIIB) - Get Report

was lower by 1.3% to $43.60.

MedImmune

(MEDI)

slipped 1% to $30.94.