Biopharmaceutical company Tercica ( TRCA) saw its shares rise 8% to $5.08 after the company announced a worldwide collaboration agreement with European pharmaceutical company Ipsen. Ipsen will initially acquire 25% of the company with the option to increase its stake to as much as 40%. The companies will share development rights to endocrine treatments and sign cross-licensing agreements for Somatuline Autogel, a treatment for a hormone disorder that causes abnormal growth of the hands and feet, and Increlex, a treatment for short stature. Shares of embryonic stem-cell company Geron ( GERN) were up 3.7% to $6.38, even though President Bush vetoed a bill to ease federal funding limitations on stem-cell research. The bill supports the use of human embryos taken from in-vitro fertilization that would otherwise be discarded. An override is believed to be unlikely. However, giving Geron a lift was the publication of trial results supporting the safety of the company's experimental human embryonic stem-cell therapy to treat spinal cord injuries. Theragenics ( TGX) rose 4.5% to $3.23 following the company's announcement that it swung to a profit in the latest quarter thanks to restructuring and its recent acquisition of CP Medical. Theragenics reported earnings of $433,000, or 1 cent a share, in the latest quarter, compared with a loss of $1 million, or 3 cents a share, a year earlier. Genetic-testing technology company Illumina ( ILMN) jumped 27.6% to $36.83 after the stock was upgraded to outperform from neutral by Baird and to overweight from neutral by analysts at research firm Global Crown Capital. Affymetrix ( AFFX) sank 5% after UBS lowered its price target for the stock by a dollar to $22 and reduced its earnings and revenue estimates for the company.
Other movers included Savient Pharmaceuticals ( SVNT), up 8.6% to $5.68; Adventrx Pharmaceuticals ( ANX), up 8.7% to $2.88; PainCare Holdings ( PRZ), higher by 4.2% to $1.74; and Centene ( CNC), rising up 8.5% to $14.75. IDM Pharma ( IDMI) was down 10.1% to $3.12; ChemGenex Pharmaceuticals ( CXSP) fell 7.3% to $4.30; and Genelabs Technologies ( GNLB) lost 2.3% to $1.27.