Healthcare Stocks Closing Lower; Opko Sells Sorrento Therapeutics Stake For 10-Fold Gain on 2009 Investment


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Healthcare stocks are lower this afternoon with the NYSE Healthcare Sector Index sliding about 0.1% and shares of healthcare companies in the S&P 500 are down 0.3% as a group.

In company news, Opko Health ( OPK ) is set to finish with a small decline, giving back a late-morning rise that followed the diagnostics equipment company saying it has cashed out on its investment in Sorrento Therapeutics ( SRNE ).

OPK said the sale adds around $22 mln to its cash position and represents an approximate ten-fold return of itss 2009 investment.

SRNE shares are down nearly 7% at $7.90 each.

In other sector news,

(+) PSDV, Said licensee Alimera Sciences ( ALIM ) has begun labeling discussions with the FDA for its Iluvien drug candidate, making a scheduled meeting next month with an advisory panel about the potential diabetic macular edema treatment unnecessary.

(-) CVM, Prices offering of 4.76 mln equity units at 63 cents each, generating $3 mln in gross proceeds to fund Phase III testing of its Multikine vaccine for brain and head cancer. Units consisted of one share and one warrant exercisable at $1.25.

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

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

Referenced Stocks: ALIM , OPK , SRNE

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