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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.