Healthcare Stocks Rising Near Close; Receptos Sinks on Plans for $75-Mln Stock Offering

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Healthcare stocks are higher today with the NYSE Healthcare Sector Index rising 0.5% and shares of healthcare companies in the S&P 500 climbing 0.6% as a group.

In company news, Receptos ( RCPT ) fell today, last trading down 4.7% lower at $27.40 a share - just 10 cent above its intra-day low - after the biopharmaceutical company disclosed plans to sell up to $75 million in stock, according to a new S-1 filing with regulators.

RCPT expects to use net proceeds from the offering to fund continued development of its RPC1063 product candidate in ongoing clinical trials in patients with multiple sclerosis. It also intends to use our existing cash and cash equivalents as well as our access to funds available the company's credit facility to fund those trials.

In other sector news,

(+) HITK, Agrees to $25 mln settlement with State of Texas over product prices. Amount had previously been set aside.

(-) ORMP, Enters into definitive agreements with certain investors to buy 1.58 million shares of common stock at $10.00 apiece in a registered direct offering.

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
Referenced Stocks: RCPT

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