AnorMed's ( ANOR) shares jumped after Millennium Pharmaceuticals ( MLNM) said it plans to acquire the company in a deal worth $515 million. Anormed has agreed to support the deal, which represents a 40% premium to an unsolicited tender offer from Genzyme ( GENZ). Shares jumped 26% to $12.64.

AngioDynamics ( ANGO) said earnings rose during the first quarter, sending shares up 13.8% to $21.90. Sales for the quarter were $20.3 million, up 24% from a year ago.

CytRx ( CYTR) lost 26.8% to $1.34 after the company said its Lou Gehrig's disease drug arimoclomol did not show a significant change in disease progression. The trial did meet its primary goal of proving the drug's safety and tolerability, however.

Elan's ( ELN) shares sank Tuesday after a Piper Jaffray analyst said sales of the company's multiple sclerosis drug Tysabri could be lower than she expected. Shares were trading 2.2% lower to $15.52.

PDI's ( PDII) shares dropped 9.5% to $11.89 after the company said GlaxoSmithKline ( GSK) doesn't intend to renew its contract sales agreement with the company in 2007.

Also falling were KOS Pharmaceuticals ( KOSP), whose shares sank 7.1% to $44.17, Immunomedics ( IMMU), down 6.2% to $1.66, Targacept ( TRGT), 4.4% lower to $5.50, and Nymox Pharmaceutical ( NYMX), off 5.3% to $3.79.

Health stocks rising during the trading day included Acorda Therapeutics ( ACOR), soaring 32.5% to $11.26, Critical Therapeutics ( CRTX), gaining 10.7% to $2.38, MGI Pharma ( MOGN), up 6.9% to $17.05, Crucell ( CRXL), whose shares gained 6.6% to $24.31, and EpiCept ( EPCT), up 26.5% to $2.15.