Healthcare Stocks Inching Higher; Dr. Reddy's Labs Down More Than 5% after Board Chairman, CEO Roles Split


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Healthcare stocks were slightly higher, with the NYSE Healthcare Sector Index adding about 0.1% and shares of healthcare companies in the S&P 500 climbing 0.2% as a group.

In company news, shares of Dr. Reddy's Laboratories Ltd. ( RDY ) are down more than 5% after announcing it will separate the roles of its board chairman and the company's managing director and chief executive officer.

GV Prasad will continue as CEO and was also appointed as board co-chairman and managing director. Satish Reddy was named board chairman, previously serving as vice-vhairman, managing director and chief operating officer.

The moves follow the drugmaker's earlier Tuesday reporting FY13 per share earnings of 21.5 billion rupee, or around $361.7 million, lagging estimates looking for 101.56 billion rupee. Consolidated revenue rose 14% year over year to around 132.2 billion rupee, topping the Capital IQ consensus by 16.2 billion rupee.

RDY shares are down 5.5% at $41.40 each in recent trade, falling earlier to a session low of $40.98 a share. The stock has a 52-week range of $31.32 to $47.93 a share, rising almost 10% in value over the past 12 months.

Shares also received analyst downgrades on Wednesday from Bank of America Merrill Lynch and Morgan Stanley.

In other sector news,

(+) CNAT, (+3.0%) Q1 net loss of $0.34 per share trails analyst estimates by $0.01. Company did not generate any revenue during the three months ended March 31.

(-) PETX, (-0.4%) Q1 net loss of $0.34 per share matches Capital IQ consensus. The company had no revenue during the quarter.

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: RDY

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