A few analyst actions in the health stocks: Citigroup analyst Lucy Lu downgrade BioMarin ( BMRN) to hold from buy and lowered her price target to $37 from $42, after surveying 26 treatment centers on Kuvan, a drug for the genetic disorder phenylketonuria (PKU), and subsequently lowering sales and profit expectations. The stock traded down 3.3% to $34.47. Also, HSBC Securities downgraded Novartis ( NVS) to underweight from neutral and lowered its price target to $49 from $52. The stock was off by just 8 cents, or 0.2%, at $50.35. In other health stocks, Lehman Brothers downgraded Lifepoint Hospitals ( LPNT) to equal-weight from overweight but the stock was seemingly unaffected, adding 83 cents, or 2.9%, to $29.77. And Tenet Healthcare ( THC) added 39 cents, or 7.4%, to $5.69 after Lehman Brothers analyst Adam Feinstein upgraded the stock to overweight from equalweight, citing new contracts and potential growth despite industry hardships.
Stocks soar as the gross domestic product rises at an annualized rate of 3.5% in the third quarter and continuing jobless claims fall. Gregg Greenberg recaps the action in The Real Story video (above).