Healthcare Stocks Split Between Gains, Losses; Thoratec Hits New 52-Week High After Q3 Results, Q4 Guidance

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Healthcare stocks are mixed this afternoon, with the NYSE Healthcare Sector Index slipping about 0.2% while shares of healthcare companies in the S&P 500 are down about 0.3 as a group.

In company news, Thoratec ( THOR ) is ahead by more than 9% at $42.98, drifting slightly under its new 52-week high of $43.33 that followed the maker of implantable heart pumps' posting Q3 EPS of $0.49, ex one-time items, beating analyst estimates by $0.09.

Revenue rose 7.3% year over year to $126.4 million, also exceeding the Capital IQ average call of analysts by $5.1 million.

THOR raised its FY13 earnings guidance, now forecasting EPS of between $1.85 to $1.90, ex special items, up from its previous outlook expecting $1.69 to $1.79 per share. It narrowed its revenue forecast, however, now predicting between $500 million to $505 million in quarterly revenue - in from its prior guidance for $490 million to $510 million.

Analysts, on average, are looking for THOR to earn $1.75 per share on $502.45 million in revenue.

Following the improved results and outlook, analysts at Barrington Research reiterated their Outperform rating for THOR shares, increasing its price target by $9 to $49 a share.

In other sector news,

(+) ZLTQ, (+39.6%) Posts $0.08 per share net loss, easily beating the $0.19 per share loss analysts expected. Doubles FY13 revenue guidance to 40% year over year increase, which would be $106.7 mln, topping estimates by $14.2 mln.

(-) ARIA, (-42.2%) Temporarily shelves its Iclusig leukemia treatment because of possible cardiac-related side effects linked to the drug.

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: THOR

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