Updated from 2:03 p.m. EDT with new stock prices

Biotech stocks traded mixed Wednesday on varied news and analyst adjustments.

Maxygen ( MAXY) shares leapt after the company announced Bayer HealthCare is buying the company's hemophelia program assets, including a recombinant Factor VII protein, MAXY-VII, for $90 million upfront and a potential milestone payment of $30 million.

The lead therapeutic candidate in the program is expected to enter phase I testing in the third quarter. Maxygen shares climbed 99 cents, or 28.2%, to $4.50 on the news.

Small-cap Titan Pharmaceuticals ( TTP) said Wednesday that its initial analysis of a phase IIb trial show that there were no significant differences between patients with advanced Parkinson's disease who received Spheramine and those who underwent a so-called sham surgery, after 12 months of follow-up. The study met neither its primary nor secondary goals. Titan said it doesn't expect its partner Bayer Schering Pharma will continue development of the product. Shares dropped 58 cents, or 44.3%, at 73 cents.

AstraZeneca ( AZN) said Tuesday evening that a New Jersey court granted summary judgment in its favor as part of its legal challenge against Teva's ( TEVA) filing for a generic version of Seroquel. AstraZeneca's patent for the antipsychotic drug expires in 2011. Teva said it will appeal the decision.

AstraZeneca shares rose 70 cents, or 1.6%, to $44.12 while Teva hugged the flat line.

Meanwhile, Cubist Pharmaceuticals ( CBST) said it will promote AstraZeneca's broad spectrum I.V. antibiotic Merrem I.V. in the U.S. The agreement establishes a baseline of $20 million annual revenue to be adjusted based on sales. Cubist shares added 75 cents, or 4.1%, to $19.03.

Two analysts upgraded SuperGen ( SUPG), a day after the company said a late-stage study on its Dacogen, an injection for myelodysplastic syndromes (MDS), failed to meet its primary endpoint. Rodman & Renshaw upgraded the stock to market outperform from market perform, and Susquehanna upgraded the stock to positive from neutral. Both have $3 price targets for the stock.

Despite the upgrades, the stock continued to decline, giving up 4 cents, or 2.3%, to $1.71.

In a related move, Lazard upped its price target for Celgene ( CELG) to $89 from $77 on Wednesday. Celgene markets Vidaza, the competing drug to SuperGen's Dacogen, the center of yesterday's failed study. Celgene shares, though, were on the decline Wednesday, giving up $1.41, or 2%, to $67.85, after adding 5% in the previous session.

In other analyst action, RBC Capital Markets lowered its price target for Medicis ( MRX) to $25 from $27 on Wednesday. Shares were down 87 cents, or 4.3%, at $19.55.

Earlier in the week the Food and Drug Administration approved Johnson & Johnson's ( JNJ) Evolence, a collagen-based facial filler that will compete with products by Medicis and Allergan ( AGN).