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BOSTON (江湖电竞最新版比赛(江湖电竞投注app网站)) -- AMAG Pharmaceuticals Inc. shares fell in afternoon trading Thursday, the day after the company issued an earnings report that fell shy of Wall Street expectations.

Shares of AMAG AMAG, tumbled 13% to $31.51.

According to a note by Leerink Swann early Thursday, AMAG reported a quarterly loss of $1.01, below the consensus estimate of 97 cents. Likewise, sales of the company's lead product, Feraheme, came in at $16 million, just short of the Street's consensus of $16.5 million.

Leerink reduced their price target for the stock to $40 from $45, but maintained their outperform rating. Analysts at Robert W. Baird, meanwhile, dropped their rating to neutral from outperform.

Clinical testing company Covance Inc. CVD, -0.06% was also hit hard in the wake of its quarterly report, with shares plunging 23% to $38.42.

Late Wednesday, Covance reported its profit fell 26%, due it part to lower margins. Covance also issued a weak third-quarter financial forecast. The company sees earnings of 50 cents a share, while analyst estimates had called for 64 cents, according to Dow Jones Newswires.

Shares of Genzyme Corp. were up 3% at $69.94 on heightened speculation that French conglomerate Sanofi-Aventis SNY, +1.80% (SAN) could soon make a bid for the Cambridge, Mass.-based biotech company. See story on Genzyme and Sanofi.

Athersys Inc. ATHX, -3.17% gained ground in early Thursday, the day after the company announced positive Phase I data from a study for their stem cell product MultiStem in the treatment of heart damage caused by heart attack.

Athersys shares were up 4% at $2.88.

The drug sector's two leading indices moved lower after beginning the day in positive territory. The NYSE Arca Pharmaceutical Index $DRG fell marginally to 280.56 and the NYSE Arca Biotechnology Index $BTK declined 1.2% to 1045.86.