Healthcare Stocks Locking in Moderate Rise; Mindray Medical Fights Back Against Adverse Research Reports


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Healthcare stocks are closing higher this afternoon with the NYSE Healthcare Sector Index rising 0.3% and shares of healthcare companies in the S&P 500 advancing 0.2% as a group.

In company news, Mindray Medical International Ltd ( MR ) is up more than 5% in late trade after the medical-device manufacturer issued a statement this morning defending the veracity of its regulatory filings, also saying it reserves the right to sue individuals or organizations it considers are disseminating false information about the firm.

MR management also hosted a conference call this afternoon to take investor questions. It said the allegations in a research report issued yesterday contain numerous errors of facts as well as misleading speculation.

The company also said it's going to take advantage of the company's lower share price to again start repurchasing its stock under its previously announced buyback program.

In other sector news,

(+) RGDX, Prices public offering of 4.46 million shares of its common stock at $1.20 each - a 9% discount to yesterday's closing price.

(-) XOMA, Prices offering of 50 million shares of its common stock at $5.25 each, generating $262.5 mln in gross proceeds. Underwriters received 30-day options to purchase up to 7.5 mln additional shares to cover possible over-allotments.

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

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