Genentech ( DNA) slipped Friday even after research firm Friedman Billings Ramsey raised its second-quarter earnings estimate for the company to 51 cents a share, 4 cents above Wall Street's consensus target. The firm also raised its sales estimates for Genentech's cancer drugs Avastin and Herceptin, and its lymphoma and rheumatoid arthritis drug Rituxan. Shares of Genentech were down 72 cents, or 0.8%, to $84.61. Indevus Pharmaceuticals' ( IDEV) shares rose following the company's positive results from a late-stage study of its drug Sanctura XR, a treatment for people with an overactive bladder. The trial met the primary endpoint of reducing patients' frequency of urination and the secondary goals of increasing void volume and lowering the severity of urgency. Results of the phase III study, the stage of studies conducted just prior to a drug's submission for Food and Drug Administration approval, confirmed the results of a previous trial announced last month. Indevus shares rose 9 cents, or 1.6%, to $5.65. Shares of diagnostic-imaging services provider Radiologix ( RGX) soared Friday on news it plans to be acquired by Primedex Health Systems ( PMDX) for about $208 million, including net debt. The deal will create the largest owner and operator of diagnostic-imaging centers in the U.S., with 132 locations, according to Primedex. Palomar Medical Technologies ( PMTI) advanced $2.27, or 4.9%, to $49.11 after Standard & Poor's said it was adding the company to its Small Cap 600, replacing medical-laser developer Laserscope ( LSCP), which is being acquired. The switch is expected to happen after the close of trading on July 12. Shares of German pharmaceuticals giant Bayer ( BAY) were up 2.5% to $46.28 following an announcement Thursday that its diabetes-care division has acquired privately held Metrika, a maker of diabetes-monitoring devices. PDL BioPharma ( PDLI) tacked on 5 cents to $18.70 Friday, after falling early in the day. After the close of regular trading hours Thursday, the company said it plans to move its corporate headquarters to Redwood City, Calif., from Fremont, Calif.
Escalon Medical's ( ESMC) shares jumped in early trading before settling back and closing 3 cents lower at $5.05. After Thursday's market close, the company said it has named former accounting firm manager Robert O'Connor as its chief financial officer. Nektar Therapeutics ( NKTR) settled a lawsuit brought by the University of Alabama in Huntsville regarding the company's PEGylation patent portfolio. The $25 million settlement includes a joint upfront payment by the company and its founder and former UAH employee Dr. Milton Harris. The remainder of the settlement consists of annual payments of $1 million for the next 10 years. According to the company, as a part of the agreement, Nektar will dismiss all counterclaims related to the patent dispute. Nektar's shares fell 38 cents, or 2.2%, to $17.19. Other health-care stocks on the move included Vertex Pharmaceuticals ( VRTX), 1.3% lower to $35.91, and Celsion ( CLN) which fell 4% to $2.40. Tiens Biotech Group USA ( TBV) lost 4.8% to $3.80, and Novogen ( NVGN) dropped 7.2% to $12.16.