Healthcare Stocks Posting Moderate Gains; Exact Sciences Nets $64 Mln From Offering, Shares Rise 2%


Top Healthcare Stocks

JNJ +0.57%

PFE +0.14%

ABT +1.03%

MRK +0.36%

AMGN +2.02%

Healthcare stocks are moderately higher with the NYSE Healthcare Sector Index rising about 0.2% and shares of healthcare companies in the S&P 500 adding around 0.5% as a group.

In company news, Exact Sciences Corp ( EXAS ) is up nearly 2% to $12.83 a share, just 2 cents off its session high and the molecular diagnostics company today pricing an offering of 5.5 mln shares of its common stock at $12.35 apiece. Underwriters also received 30-day options to purchase up to 825,000 shares to cover possible overallotments.

Net proceeds from the offering, excluding the underwriter overallotments, are projected to be around $63.7 mln which the company expects to spend as working capital and on general corporate purposes, including for product development and efforts to secure U.S. marketing approval for its stool-based DNA colorectal cancer screening product.

In other sector news,

(+) CBMX, (+19.3%) Said prenatal testing has shown a "significant uptick" during the six months since data from two National Institutes of Health studies showing the value of chromosomal microarray analysis was published.

(-) GNMK, (-7.6%) Reduces projected FY13 revenue by $5 mln from its previous guidance, now expecting around $30 mln in yearly revenue. Analysts, on average, have been looking for around $35 mln in revenue this year by the molecular diagnostics company.

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: EXAS

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