Shares of biotechnology company Imclone Systems Inc. rose Friday after the company posted higher fourth-quarter profit and rival Amgen Inc. released some negative news about one of its own cancer drugs.

Imclone shares gained 88 cents, or 3.3 percent, at $27.72 on the Nasdaq in midday trading. Shares have traded between $26.28 and $43.08 over the last 52 weeks.

The company posted a $46.6 million, or 53 cents per share profit during the fourth-quarter, but missed Wall Street expectations by a penny. Erbitux sales jumped 39 percent during the quarter, but fell below estimates as the drug faced competition from Amgen Inc.'s Vectibix cancer treatment.

But rival Amgen reported negative news as it said a study showed Vectibix did not enhance treatment when used in combination with Genentech Inc.'s Avastin and chemotherapy.

Analysts had mixed assessments, mainly reaffirming a wide range of ratings for Imclone.

Bank of America analyst David Witzke kept a "Buy" rating on the company with a $48 price target, citing Amgen's Vectibix study.

"With an estimated duration therapy of less than two months, we believe Vectibix sales will quickly plateau, especially considering positive 1st and 3rd-line Erbitux (study) data," he wrote in a note to investors.

JP Morgan analyst Geoffrey Meacham reaffirmed a "Neutral" rating for Imclone. He noted an upcoming late-stage clinical trial could put Erbitux closer to being a first-line cancer treatment.

"Erbitux growth, not earnings per share, remains the value driver and accordingly, we expect Imclone shares to trade sideways for the near-term on pressure in the colon cancer market offset by moderating growth in head and neck (treatment)," he wrote in a note to investors.

Friedman, Billings, Ramsey analyst Jim Reddoch upgraded Imclone to "Market Perform" from "Underperform" and stuck with a price target of $25, citing share pricing and a possible decline in Vectibix competition.

"Currently half of Vectibix's sales come from patients who have already had Erbitux, and the rest through expected levels of share gains on Erbitux," he observed.

While Vectibix will likely continue its growth, he said, it is not differentiated enough to have a majority of the market. Also, the recent study results from Vectibix will likely ease Imclone investors' minds but will not necessarily help Erbitux significantly.

Citigroup analyst Yaron Werber, who has a "Sell" rating on Imclone, cut sales estimates for 2007 on Erbitux, citing competition from Vectibix, but raised his 2008 estimates with the expectation that Erbitux will gain approval as a first-line cancer treatment.

Amgen shares fell $3.59, or 4.8 percent, to $71.41 on the Nasdaq in midday trading.