Healthcare Stocks Narrowly Mixed This Afternoon; Flexion Climbs As Much as 24% After $65 Mln IPO


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Healthcare stocks were little changed, with the NYSE Healthcare Sector Index rising about 0.1% and shares of healthcare companies in the S&P 500 falling about 0.1% as a group.

In company news, shares of Flexion Therapeutics Inc. ( FLXN ) advanced as much as 24% each during the first day of public trading for the specialty drug-maker.

FLXN earlier priced its initial public offering of 5 million shares at $13 apiece, the midpoint of their expected range, pocketing $65 million in gross proceeds. It expects to use the new money, after first paying underwriter discounts and other offering expenses, on further research and development of pain therapies for patients with osteoarthritis and other corporate purposes.

The company is planning a second Phase IIb test starting before mid-year to confirm the results of a recent trial demonstrating statistically significant pain relief for patients treated with its FX006 drug candidate compared to patients receiving a placebo. FLXN also has two other pain drugs in development.

Shares were up 14.3% in recent trade at $14.86 apiece, climbing as high as $16.12 a share during morning trade.

In other sector news,

(+) DVA, (+4.1%) Adjusted Q4 EPS of $1.10 beats by $0.12. Revenue climbs 20% over year-ago period to $3.06 bln, topping Street view by around $60 mln.

(-) SGMO, (-779%) Q4 net loss of $0.13 per share was $0.05 wider than expected but net sales of $6.9 mln beat estimates by around $1.2 mln. Projects FY14 sales of $45 mln to $50 mln, topping consensus view by at least $9.5 mln.

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: FLXN

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