Healthcare Stocks Sliding to Session Lows; Synta Pharma Rallies on Insider Buying


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Top Healthcare Stocks

JNJ -0.25%

PFE -0.82%

ABT -0.32%

MRK -0.29%

AMGN +0.86%

Healthcare stocks are mostly lower today with the NYSE Healthcare Sector Index falling 0.4% and shares of healthcare companies in the S&P 500 dropping nearly 0.6% as a group.

In company news, Synta Pharmaceuticals Corp. ( SNTA ) is up more than 15% at $4.88 a share after the CEO and several directors at the oncology drug company disclosed a new round of insider stock buying, including CEO Safi Bahcall acquiring 20,000 shares on Nov. 13 and boosting his direct stake to over 2.05 million shares.

Safi paid an average of $3.75 for each share, with an overall payout of $75,000, according to stock ownership records filed late Friday.

The largest individual buy was a 5-million-share purchase by Bruce Kovner, a SYNT director and founder of the Caxton Associates hedge fund. He bought 1.6 million shares through his OB Select Opportunities Fund and another 3.4 million shares through KFO Holdings, all at $3.75 a share.

In other sector news,

(+) VRX, Prices upsized $900 mln (from $850 mln) offering of 5.625% senior unsecured notes due 2021. Concurrent with the deal, Proceeds from the deal - plus cash on hand - will be used to redeem all $915 mln of its 6.5% senior notes due 2016.

(-) MRK, Presents positive interim data from Phase Ib evaluation of its MK-3475 drug candidate as a monotherapy in patients with late-stage melanoma. Also, consolidating production at two Puerto Rico facilities next year as part of a global restructuring.

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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