Top Healthcare Stocks
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. (
) are down more than 5% after announcing it will separate the roles
of its board chairman and the company's managing director and chief
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.
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