Shares of biopharmaceutical company Imclone Systems Inc. edged higher Thursday, despite news from rival Amgen Inc. that its competing colon cancer treatment received approval.

Imclone's stock added 25 cents to $29 in midday trading on the Nasdaq, after being up as much as 3.8 percent earlier in the session. The stock is still near its 52-week low of $27.40 set Aug. 11 after the company decided to remain independent. It had considered selling the company. Shares have traded as high as $43.08 over the last 52 weeks.

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On Wednesday, Thousand Oaks, Calif.-based Amgen received Food and Drug Administration approval for its colon cancer drug Vectibix. The approval means the drug can be used to treat patients who failed other forms of treatment or who are also receiving chemotherapy treatment.

Vectibix goes up against Imclone's Erbitux and Amgen said it expects to price the drug at a 20 percent discount to Erbitux.

Shares of Amgen held mostly steady in midday trading, falling 48 cents to $71.66 on the Nasdaq.

A key patent for Erbitux, which is Imclone's only commercial drug, was recently given to Yeda Research & Development Co. after a long-standing dispute between Imclone and three scientists from the Israeli-based research arm of the Weizmann Institute of Science. Yeda immediately gave non-exclusive licensing rights for the patent, which deals with the process used to deliver Erbitux, to Amgen.

Imclone has said it plans to appeal the decision.

Analysts for both Amgen and Imclone are considering varying scenarios for the drug rivalry, with most saying pricing and other factors will put Vectibix ahead.

Baird U.S. Equity Research analyst Christopher J. Raymond reaffirmed his "Outperform" rating with a $90 price target for Amgen, saying Vectibix will beat Erbitux in the market because of lower pricing, its once every other week dosing schedule and fewer side effects.

"We view the pricing strategy of marketing Vectibix at a 20 percent discount to Erbitux as a good way to position Vectibix in both terms of undercutting Erbitux's position and in public relations," he wrote in a note to investors.

Raymond also cited the company's patient program to cap out of pocket expenses at 5 percent of gross income as another strong competitive factor.

HSBC Global Research analyst Gene Mack also cited the program in a note to investors, reaffirming a "Overweight" rating with a $92 price target.

"We expect this program to be an incentive for clinicians and patients who choose Vectibix over Erbitux," he wrote.

Erbitux could still give Vectibix a tough time in the market, as it already has an established position, said Rodman & Renshaw analyst Michael G. King Jr., in a note to investors.

"Since Verbitux is a late market entrant, has a comparable label (depending on which market parameter one looks at), it will likely not usurp Erbitux in colorectal cancer over the remainder of the year," King wrote.

Still several other analysts, in notes on Imclone, said Vectibix will likely become the treatment of choice in its area because of various factors, including pricing and dosing.