Updated from 2:21 p.m. EDTShares of GTC Biotherapeutics ( GTCB) fell 5.8% after the company said it plans to sell 7.7 million shares to a group of institutional investors for $1.35 apiece. The company will receive about $10.4 million in gross proceeds as a result of the sale. GTC will use the proceeds for general corporate purposes. The stock is being sold as part of an existing shelf registration filed with the Securities and Exchange Commission. Shares traded down 9 cents to $1.47. PetMed Express ( PETS) rose 4.3% after the company turned in third-quarter results that easily beat expectations. The pet pharmacy company earned 8 cents a share on sales of $20.8 million. Analysts polled by Thomson First Call were expecting earnings of 5 cents a share on sales of $19.3 million. Reorder sales jumped 27% to $14.5 million from $11.4 million a year ago, and the company acquired about 85,000 new customers during the quarter, it said. What's more, about 53% of all orders came from the company's Web site. Shares traded up 29 cents to $7.10. Shares of Novartis ( NVS) rose 1.4% Monday after the company's shares were upgraded to overweight from neutral by Prudential. The firm said that Novartis had the best sales growth of any of its competitors, that its core businesses should continue to do well and that its phase III product pipeline is now beginning to bear fruit. Prudential also raised its price target on the company to $54 a share, up from $51. Last week Novartis posted fourth-quarter earnings of $1.38 billion, or 57 cents a share, on sales of $7.58 billion. Analysts had expected earnings of 60 cents a share on sales of $7.33 billion. A year ago it earned $1.36 billion, or 55 cents a share, on sales of $6.73 billion. "Despite challenging industry conditions, our outlook for 2005 remains strong, and we expect to deliver again a competitive performance with record sales and strong earnings," the company said last week. Shares traded up 65 cents to $48.51. Other health care movers included Aastrom Biosciences ( ASTM), down 77 cents to $3.23; Pfizer ( PFE), down 22 cents to $24.26; StemCells ( STEM), down 93 cents to $4.99; Merck ( MRK), down 51 cents to $29.85; Amgen ( AMGN), down 45 cents to $62.12; Schering-Plough ( SGP), up 4 cents to $20.03; and Bristol-Myers Squibb ( BMY), down 23 cents to $23.94.