Shares of OraSure Technologies ( OSUR) jumped after the company said it signed an agreement with Schering-Plough ( SGP) to develop a rapid hepatitis C test.

Under the agreement, Schering-Plough will reimburse OraSure for a portion of the development costs and will provide support in promoting the devices to doctors' offices in the U.S. Shares gained 7% to $8.72.

ImClone's ( IMCL) shares were up 7.9% to $29.18 on an upgrade by Merrill Lynch Thursday.

"We believe there may be a short-term trading opportunity in IMCL due to potentially excessive negative sentiment around near-term Erbitux sales and the potential for positive phase III data from the front-line colorectal or pancreatic cancer study, which we do not believe is reflected into the stock," wrote biotechnology analyst Eric Ende in a research report Thursday.

However, the analyst says he remains concerned about the cancer drug's long-term sales potential considering competition from Amgen's ( AMGN) colorectal cancer treatment Vectibix. Ende upgraded the stock to neutral from sell. Phase III is the stage of trials conducted just before a drug is submitted for Food and Drug Administration review.

Amgen's shares were boosted 2.8% to $70.33 after the stock was upgraded by Bear Stearns analyst Mark Schoenebaum. The upgrade comes despite possible competition this year by Roche's anemia drug Cera.

Shares of Immucor ( BLUD) gained ground Thursday after the company revised its full-year guidance higher on an expected increase in sales.

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