Healthcare Stocks Ending on High Note; Dicerna Pharma Almost Triples in Value After $90 Mln IPO

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Healthcare stocks were higher Thursday with the NYSE Healthcare Sector Index climbing 1.4% and shares of healthcare companies in the S&P 500 ahead nearly 1.8% as a group.

In company news, Dicerna Pharmaceuticals Inc. ( DRNA ) shares have nearly tripled in value during their first day of public trading after the genetics company earlier today priced an upsized initial public offering of stock.

Shares opened at $30.00 each, double the initial pricing for the company's offering of 6 million shares. The IPO also priced at a 25% premium to the $11 to $13 range the company and underwriters had expected last week. The deal rose $90 million in gross proceeds, which DRNA plans to use to fund development of drugs to treat cancer and liver disease based on its gene-silencing RNA interference technology.

Shares were fetching $42.76 each with less than 20 minutes left in the session today.

In other sector news,

(+) ALXN, Q4 EPS of $0.87 per share, ex items, beat expectations by $0.04. Revenue climbs 37.9% year over year to $441.9 mln, topping the Street view by $11.23 mln. FY14 earnings guidance exceeds Capital IQ consensus by at least $0.28 per share. Revenue is seen in a range of $2 bln to $2.02 bln, topping estimates by $40 mln.

(-) CELG, Earns $1.51 in Q4, missing analyst estimates by $0.03. Revenue rises 21.4% over same quarter last year to $1.76 bln, beating expectations by around $40 mln. Reiterates FY14 guidance: EPS of $7.00 to $7.20 on around $7.5 bln in revenue. Analysts, on average, are expecting a $7.25 profit on $7.51 bln in revenue.

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

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

This article appears in: Investing Commodities
Referenced Stocks: DRNA

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