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Dec. 23, 2009, 1:33 p.m. EST

Small-cap biotechs Achillion and pSivida rally

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By Val Brickates Kennedy, MarketWatch

BOSTON (MarketWatch) -- Drug stocks managed narrow gains Wednesday afternoon, but a pair of small-cap biotech firms -- Achillion and pSivida -- rallied.


The NYSE Arca Pharmaceutical Index and the NYSE Arca Biotechnology Index were both up fractionally to stand at 311.49 and 935.98, respectively.

Shares of pSivida Corp. soared 40% to $4.86.

The company reported positive Phase III results for Iluvien, a drug candidate that's being tested on patients with diabetic macular edema, a leading cause of blindness among diabetics.

The therapy is being co-developed with privately held Alimera Sciences.


Also higher, shares of Achillion Pharmaceuticals /zigman2/quotes/227285072/composite ACHN -16.67% shot up 14% to $3.61. Analysts at Roth Capital Partners initiated coverage with a buy rating.

Meanwhile, U.S.-listed shares of Sanofi-Aventis /zigman2/quotes/201967021/composite SNY -1.15% moved up 1% at $39.79.

They've been on an upward swing since the French drugmaker announced Dec. 21 that it plans to acquire U.S.-based Chattem in an effort to diversify its business. See more on buyout of over-the-counter manufacturer Chattem.

Shares of Bristol-Myers Squibb /zigman2/quotes/202559280/composite BMY +0.12% were up marginally at $25.68.

Bristol-Myers updated its 2009 financial outlook early Wednesday to reflect the recent Mead Johnson Nutrition Co. spin-off.

The drugmaker said that it now sees 2009 earnings from continuing operations coming in between $1.51 and $1.56 a share, down from its previous estimate of $1.72 to $1.77. Adjusted earnings from continuing operations should range between $1.75 to $1.80 a share, down from $2.00 to $2.05.

The company added that its financial results will show a gain of about $7 billion due to the Mead transaction, in addition to contributions made to its philanthropic foundation. The reduction of shares in Bristol-Myers' float will have a nominal impact on 2009 results, the company said.

US : U.S.: OTC
$ 0.25
-0.05 -16.67%
Volume: 0.00
June 21, 2022 11:20a
P/E Ratio
Dividend Yield
Market Cap
$7.50 million
Rev. per Employee
US : U.S.: Nasdaq
$ 49.14
-0.57 -1.15%
Volume: 19,469
Aug. 8, 2022 9:33a
P/E Ratio
Dividend Yield
Market Cap
$124.82 billion
Rev. per Employee
$ 72.21
+0.08 +0.12%
Volume: 90,688
Aug. 8, 2022 9:34a
P/E Ratio
Dividend Yield
Market Cap
$153.99 billion
Rev. per Employee

Val Brickates Kennedy is a reporter for MarketWatch in Boston.

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