Helathcare Stocks: Merck & Co Jumps Over 4.50% (MRK, CELG, GNOM, FRX, IMGN)

Helathcare Stocks: Merck & Co Jumps Over 4.50% (MRK, CELG, GNOM, FRX, IMGN)

Merck & Co Inc (NYSE:MRK) surged up 4.52% to $43.0 on a thickly traded volume of 14.94 million shares. According to report from Reuters, the Company’s experimental osteoporosis drug odanacatib has shown that it reduces fracture risk, prompting outside monitors to recommend that the study be stopped early. The company said it expects to take a number of months to wind up the trial. Merck expects to submit regulatory applications for U.S., European and Japanese approval of odanacatib in the first half of next year.

Celgene Corporation (NASDAQ:CELG) decreased 1.75% to $62.20. The Company announced top-line results from the PALACE-1 study, the first of three pivotal phase III, randomized, placebo-controlled studies evaluating the  oral small-molecule inhibitor of phosphodiesterase 4 (PDE4) in patients with psoriatic arthritis who had received an oral disease-modifying antirheumatic drug, biologic therapy or had failed on an anti-tumor necrosis factor agent.

Complete Genomics Inc (NASDAQ:GNOM) increased 2.73% to $3.0. The Company announced that its Long Fragment Read technology for whole genome sequencing dramatically improves accuracy, enables fully-phased genomes and significantly reduces the amount of DNA required for testing. The LFR technology should accelerate the use of whole genome sequencing by physicians to diagnose and treat their patients.

Forest Laboratories Inc (NYSE:FRX) went down 0.93% to $34.98 on a traded volume of 602k shares. Icahn is the second-largest shareholder with 9.9% of holding in the Company. Icahn has asked Chief Executive Officer Howard Solomon to add Eric Ende and Daniel Ninivaggi to the board before starting this year’s proxy contest, in which he nominated four directors.

The Company has filed definitive proxy materials with the Securities and Exchange Commission in connection with its 2012 Annual Meeting of Shareholders, which will be held on August 15, 2012.

ImmunoGen Inc (NASDAQ:IMGN) declined 10.71% to $15.50. The Company announced the pricing of an underwritten public offering of 6.25 million shares at a price of $16 per share. The gross proceeds are expected to be approximately $100 million. The offering is expected to close around July 17, 2012. ImmunoGen has granted the underwriters a thirty day option to purchase up to 937,500 additional shares.