Stocks edged higher in early trading on Friday, with rising commodity prices and the S&P 500 index finding technical support. A few healthcare stocks saw minor gains after major indices opened lower but quickly turned higher, reflecting the volatility that has rocked market action in the past weeks.
Earlier this week, the market took a pause after the wild swings of the previous week. Economic and corporate news then was more encouraging, including a batch of merger announcements on Monday. Friday's pause seemed to be the result of exhaustion.
"People decided to throw their hands up and go to the beach," said Kim Caughey Forrest, senior equity analyst with Fort Pitt Capital Group in Pittsburgh told the Associated Press.
In the healthcare sector,shares of Progenics Pharmaceuticals (NASDAQ:PGNX) are trading higher after the company reported earlier that net income for the second quarter ended June 30, 2011 was $55.49 million, or $1.64 per share, compared to a net loss of $15.24 million, or $0.47 per share, for the same quarter ended June 30, 2010.
A look at our in-depth World-Wide Regulatory and FDA Trade Catalyst Calendar shows an upcoming milestone involving Progenics' 700-patient, international, randomized, double-blind, placebo-controlled Phase III trial to evaluate the safety and efficacy of oral methylnaltrexone to treat opioid-induced constipation in non-malignant pain patients. RELISTOR (methylnaltrexone bromide) is a subcutaneous injection (OIC) already approved for sale in over 40 countries worldwide.
In the area of prostate cancer, Progenics is conducting a Phase I clinical trial of a fully human monoclonal antibody-drug conjugate (ADC) directed against prostate specific membrane antigen (PSMA). In the area of virology, the Company is developing a viral-entry inhibitor (a humanized monoclonal antibody), PRO 140, for infection due to human immunodeficiency virus (HIV) that causes acquired immunodeficiency syndrome (AIDS).
Gainers (% price change)
Seattle Genetics, Inc.
Amicus Therapeutics, Inc.
Losers (% price change)
Amarin Corp. plc (ADR)
Kensey Nash Corporation
Capital Senior Living
Dynavax Tech. Corp.
Most Actives (dollar volume)
Johnson & Johnson
Merck & Co., Inc.
"Featured Content" profiles are meant to provide awareness of these companies to investors in the small-cap and growth equity community and should not in any way come across as a recommendation to buy, sell or hold these securities. BiomedReports is not paid or compensated by newswires to disseminate or report news and developments about publicly traded companies, but may from time to time receive compensation for advertising, data, analytics and investor relation services from various entities and firms. Full disclosures should be read in the 'About Us Section'. Add this page to your favorite Social Bookmarking websites