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.



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This article appears in: Investing , Commodities

Referenced Stocks: DRNA

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