Drug Makers (PPH) Bounce on Several Catalysts [delayed]

Ridgeland, MS, JUN 27, 2008 (EventX/Knobias.com via COMTEX) -- WMGI | Quote | Chart | News | PowerRating -- The pharmaceutical industry enjoyed a rare day of outperformance in weak market Friday. One ETF for the industry, the PPH, is up 1% today, but down 15% year to date. Today's gains are attributable to Mylan (MYL +5.3%), Barr Pharma (BRL +4.4%), Merck (MRK +4.3%), Schering Pough (SGP +3.2%) and Bristol Meyers (BMY +3.1%). + MYL: Bank of America reiterated its Buy rating on Mylan Labs and raised its Q2 EPS estimate to 10c from 8c. + BRL: Barr announced a favorable patent ruling from the U.S. District Court for Delaware in connection with Boehringer Ingelheim's Mirapex(R) Tablets. + MRK/SGP: Schering-Plough and Merck have withdrawn the NDA for the loratadine/montelukast combination tablet. Schering-Plough expects to receive a $105 million payout from Merck. Am Tech initiated SGP at Buy with a $26 target price. + BMY: Bristol Myers was upped to Outperform at Bernstein.-- GORX: GeoPharma, Inc (GORX) reported Q4 EPS (20c) vs 5c Misses 5c Est on a (7.8%) revenue miss. + MDT: Medronic (MDT) announced William Hawkins will replace Arthur Collins as CEO effective Aug 21. + WMGI: Wright Medical was upped to Outperform at Credit Suisse.

(-) JNJ: Europe's drug regulator, EMEA, backed stronger warnings for antianemia drugs like Amgen's (AMGN) Aranesp and Johnson & Johnson's (JNJ) Procrit. (WSJ)

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