Health Care Sector Update for 08/02/2017: OCUL,ONCE,COTV

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Health care stocks resumed their declines this afternoon, with the NYSE Health Care Index putting up a 0.3% retreat while shares of health care companies in the S&P 500 were down slightly more than 0.4% as a group.

In company news, Ocular Therapeutix ( OCUL ) was down nearly 4% shortly before Wednesday's closing bell after saying through a regulatory filing that the board of directors of the biopharmaceuticals company has approved a strategic restructuring that will eliminate nearly one in five jobs as part of broader efforts to improve its operations and cut costs.

The company plans on idling 26 employees throughout the organization, representing about 19% of its current workforce. It expects to book around $1.5 million in severance and other restructuring expenses, with roughly 60% of those costs, or about $900,000, expected to be charged against its earnings during the current quarter ending Sept. 30. Another $400,000 will be booked during the final three months of 2017 and the remaining $200,000 going out next year.

Late Tuesday, Ocular Therapeutix also named Antony Mattesich as its new chief executive officer, effective immediately. Mattesich most recently was CEO at Mundipharma International and is replacing Amar Sawhney, who has become executive board chairman at the company.

In other sector news,

(+) ONCE, Q2 revenue rises 15.3% over year-ago levels to $1.5 mln, topping consenus expecting no year-over-year growth. Net loss more than doubles from last year to $2.40 per share, missing the Street view expecting a $1.72 per share loss.

(-) COTV, Chief financial officer Steve Senneff steps down to pursue outside opportunity. Selects controller Adrienne Calderone to assume CFO duties on an interim basis.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing , US Markets
Referenced Symbols: OCUL , ONCE , COTV

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