UPJOHN, SYNTEX, SCHERING LEAD DRUG STOCKS; COMPOSITE AHEAD OF DOW
Upjohn (up 5-1/4 to 134), Syntex (up 4-5/8 to 46) and Schering-Plough (up 4-3/4 to 63-3/4), led a broad advance among Pharmaceutical stocks on the "F-D-C" Index during the week ended Jan. 31. Upjohn, which had traded in the $140 range in December, made up some of its lost ground. Schering announced on Jan. 28 its plan to repurchase up to $300 mil. of its outstanding common stock. Marion (up 4 to 54-7/8) rose sharply on continued solid second quarter sales and earnings reported the previous week. Other point-plus advancing issues in the Pharmaceutical group included Abbott (up 4 to 68-3/4), SmithKline (up 3-3/4 to 78-3/4), Squibb (up 2-5/8 to 81), and Merck (up 2-1/4 to 137-5/8). Overall, advancing issues on the Index outnumbered decliners almost three to one, helping the Composite establish a yearly high. The Composite's 3.5% increase was well ahead of the Dow Jones average, which in turn, rose 2.7% on an 18.81 point gain to close at 1,540.99. Chart omitted.
You may also be interested in...
Newly released Medicare Part D data sheds light on the sales hit that branded pharmaceutical manufacturers will face when the coverage gap discount program gets under way in 2011
FDA appears headed for a showdown with clinicians and the pharmaceutical industry over the proposed new clinical trial endpoints for acute bacterial skin and skin structure infections, the guidance's approach for justifying a non-inferiority margin and proposed changes in the types of patients that should be enrolled in trials
Specialty drug maker Shire has quietly begun scouting deals with a brand-new $50 million venture fund, the latest of several in-house investment arms to launch with their parent company's pipelines, not profits, as the measure of their worth