Cardiome Pharma's (CRME) shares got a 33% boost after the company reported positive results from a trial involving its proposed heart drug for patients with abnormal heart rhythms.
Of 54 patients receiving the drug in trials, 61% finished the study with a normal heart rhythm, compared with 37% of 27 of patients receiving a placebo, the company reported. The drug, dubbed RSD1235, appeared well tolerated among trial patients. Shares were up $2.99 to $11.90.
PDL BioPharma's (PDLI) shares rose after the stock was upgraded by Deutsche Securities to a buy rating from a hold. The stock was up 6.5% to $17.59.
In March, the firm downgraded PDL's shares to hold as a result of disappointing first-quarter earnings and a lowered fiscal-year outlook, but "in our view, PDLI shares have now more than over-corrected and represent a compelling valuation opportunity ahead of potentially solid to better-than-expected [second-quarter] earnings results," wrote Deutsche biotech analyst Jennifer Chao. PDL is slated to report its quarterly earnings on Aug. 3.
Shares of WebMD Health (WBMD) and its parent Emdeon (HLTH) climbed following an announcement that the companies were awarded a contract from the U.S. Centers for Medicare and Medicaid Services.
Under the contract, the companies will conduct feasibility tests to determine how medical-claims data can be used to create a system of electronic personal-health records. WebMD was up 1.7% to $40.56, and Emdeon was adding 1.7% to $12.25.
Bayer (BAY) and its partner Onyx Pharmaceuticals were up following a weekend announcement that they received European Commission approval for Nexavar in the treatment of advanced kidney cancer.
Bayer's shares were gaining 2.2% to $48.43, and Onyx shares tacked on 1 cent to $15.35. Nexavar was approved by the Food and Drug Administration in December.
Shares of Biogen Idec (BIIB) and Elan (ELN) got a lift following word that the companies have re-released Tysabri for the treatment of relapsing forms of multiple sclerosis.
Tysabri was pulled from the market early last year when it was linked to a deadly brain disease, but after a lengthy investigation, the drug was reapproved by the FDA. Biogen Idec was up 40 cents to $41.13, and Elan rose 26 cents to $13.57.
Medical-device maker Medtronic (MDT) dipped after the FDA told doctors that it was recalling the 8731 Intrathecal Catheter and Model 8598 Intrathecal Catheter Distal Revision Kit. The recall was attributed to a possible problem during implantation that can cause infections or other potentially serious problems. Medtronic lost a penny to $47.80.
Lab-supplies seller Beckman Coulter (BEC) fell 42 cents to $55.20 following a downgrade of the stock by Matrix Research. Matrix cut Beckman to strong sell from sell.
Other health care movers included United American Healthcare (UAHC) , down 4.7% to $3.05, Ivax Diagnostics (IVD) , off 5.2% to $1.47, etrials Worldwide (ETWC) , down 9.4% to $3.94, Genitope (GTOP) , lower by 6.3% to $6.38, and drug developer Cyclacel Pharmaceuticals (CYCCP) , which fell 14.9% to $4.85.
Novartis (NVS) rose 1.1% to $55.86, and Cell Therapeutics (CTIC) was up 4.1% to $1.26.
Of 54 patients receiving the drug in trials, 61% finished the study with a normal heart rhythm, compared with 37% of 27 of patients receiving a placebo, the company reported. The drug, dubbed RSD1235, appeared well tolerated among trial patients. Shares were up $2.99 to $11.90.
PDL BioPharma's (PDLI) shares rose after the stock was upgraded by Deutsche Securities to a buy rating from a hold. The stock was up 6.5% to $17.59.
In March, the firm downgraded PDL's shares to hold as a result of disappointing first-quarter earnings and a lowered fiscal-year outlook, but "in our view, PDLI shares have now more than over-corrected and represent a compelling valuation opportunity ahead of potentially solid to better-than-expected [second-quarter] earnings results," wrote Deutsche biotech analyst Jennifer Chao. PDL is slated to report its quarterly earnings on Aug. 3.
Shares of WebMD Health (WBMD) and its parent Emdeon (HLTH) climbed following an announcement that the companies were awarded a contract from the U.S. Centers for Medicare and Medicaid Services.
Under the contract, the companies will conduct feasibility tests to determine how medical-claims data can be used to create a system of electronic personal-health records. WebMD was up 1.7% to $40.56, and Emdeon was adding 1.7% to $12.25.
Bayer (BAY) and its partner Onyx Pharmaceuticals were up following a weekend announcement that they received European Commission approval for Nexavar in the treatment of advanced kidney cancer.
Bayer's shares were gaining 2.2% to $48.43, and Onyx shares tacked on 1 cent to $15.35. Nexavar was approved by the Food and Drug Administration in December.
Shares of Biogen Idec (BIIB) and Elan (ELN) got a lift following word that the companies have re-released Tysabri for the treatment of relapsing forms of multiple sclerosis.
Tysabri was pulled from the market early last year when it was linked to a deadly brain disease, but after a lengthy investigation, the drug was reapproved by the FDA. Biogen Idec was up 40 cents to $41.13, and Elan rose 26 cents to $13.57.
Medical-device maker Medtronic (MDT) dipped after the FDA told doctors that it was recalling the 8731 Intrathecal Catheter and Model 8598 Intrathecal Catheter Distal Revision Kit. The recall was attributed to a possible problem during implantation that can cause infections or other potentially serious problems. Medtronic lost a penny to $47.80.
Lab-supplies seller Beckman Coulter (BEC) fell 42 cents to $55.20 following a downgrade of the stock by Matrix Research. Matrix cut Beckman to strong sell from sell.
Other health care movers included United American Healthcare (UAHC) , down 4.7% to $3.05, Ivax Diagnostics (IVD) , off 5.2% to $1.47, etrials Worldwide (ETWC) , down 9.4% to $3.94, Genitope (GTOP) , lower by 6.3% to $6.38, and drug developer Cyclacel Pharmaceuticals (CYCCP) , which fell 14.9% to $4.85.
Novartis (NVS) rose 1.1% to $55.86, and Cell Therapeutics (CTIC) was up 4.1% to $1.26.
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