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Biotech / Medical : Pharma News Only (pfe,mrk,wla, sgp, ahp, bmy, lly) -- Ignore unavailable to you. Want to Upgrade?

To: Anthony Wong who wrote (773)	9/11/1998 3:56:00 PM
From: Anthony Wong	Read Replies (1) \| Respond to of 1722

Drug stocks bouyed by good news, sector rotation Friday September 11, 3:29 pm Eastern Time NEW YORK, Sept 11 (Reuters) - Drug stocks were robust Friday due to good company-specific news and a desire to invest in defensive stocks, analysts said. ''Some of the drug companies have had very positive news,'' said David Saks, an analyst with Gruntal & Co. Merck and Co. Inc. (NYSE:MRK - news) Thursday released details of a drug its researchers have developed that may be effective in fighting depression. ''News about Merck's new drug was encouraging,'' said Maryann Quinn of BT Alex. ''It's still a way off,'' she said, referring to when the company could potentially bring the drug to market, ''but the news gave the stock a pop today.'' Merck shares were up 2-11/16 Friday to 126-1/2. ''I think the drug stocks have held up fairly well during all this turbulence,'' Quinn added. ''They are defensive, blue chip,'' she said. Shares of Pfizer Inc. (NYSE:PFE - news), which got priority status last month for a review of a new arthritis pain reliever by the U.S. Food and Drug Administration, jumped 5-1/2 to 99-7/8. The drug, Celebra, was co-developed with Monsanto Co. (NYSE:MTC - news), whose shares were up 7/8 to 57-1/8. Boston Scientific Corp. (NYSE:BSX - news) also said it had completed the $2.1 billion acquisition of Schneider Worldwide from Pfizer. Shares of Schering-Plough Corp. (NYSE:SGP - news) soared 4-3/4 to 95-1/4, while Eli Lilly and Co. (NYSE:LLY - news) stock rose 2-3/8 to 75-1/4. Saks noted that the drug stocks were a beneficiary of sector rotation. ''When people are worried about the economy, they run to safe high ground,'' Saks said. ''Earnings will be driven by new drugs and there is a natural rotation to a safe haven when the market is preoccupied with the outlook for the economy,'' he said. biz.yahoo.com