Healthcare Stocks Turn Lower Near Closing Bell; Castlight Health Wraps First Day With Big Gains


Top Healthcare Stocks

JNJ -0.38%

PFE +0.39%

ABT -0.75%

MRK -0.14%

AMGN -1.16%

Healthcare stocks were ending lower with the NYSE Healthcare Sector Index falling about 0.1% while shares of healthcare companies in the S&P 500 were down about 0.5% as a group.

In company news, Castlight Health ( CSLT ) more than doubled in value during its first day of public trading, rising as much as 162% before easing slightly near the closing bell.

The maker of an online application allowing companies to provide employees with personalized shopping tools for healthcare benefits earlier priced its initial public offering of 11.1 million common shares at $16 each. Underwriters also received 30-day options to buy up to nearly 1.7 million shares to cover possible overallotments.

CSLT has yet to turn a profit and generated just $13 million in revenue during 2013, but investors obviously were attracted to the company and its $108.7 million backlog of signed agreements still waiting to be billed - with around $51 million of that business considered "non-cancellable."

CSLT shares were up 137.5% at $38.00 each in recent trade, earlier climbing to a first-day high of $41.95. Over 9 million shares have exchanged hands during today's session.

In other sector news,

(+) ANAC, Reverses $0.36 year-ago net loss with Q4 profit of $3.01 per share, topping Capital IQ consensus by $1.14 per share. Revenue increases 257% over year-ago levels to $8.5 mln, topping the single analyst estimate by $5.0 mln.

(-) RPTP, Q4 net loss of $0.19 per share is $0.01 wider than Capital IQ consensus. Forecasts Procysbi sales of $55 mln to $65 mln during FY14; Street is expecting total annual sales of $68.84 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: CSLT

MT Newswires

MT Newswires

More from MT Newswires:

Related Videos

Freshman Finance 101
Freshman Finance 101                
Spot the Dropout RRC
Spot the Dropout RRC                
Power on/Power Off
Power on/Power Off                  



Most Active by Volume

  • $16.34 ▼ 0.12%
  • $10.64 ▲ 1.33%
  • $112.76 ▼ 0.47%
  • $5.86 ▲ 1.38%
  • $28.54 ▲ 0.42%
  • $104.31 ▼ 1.24%
  • $13.87 ▲ 0.95%
  • $10.40 ▲ 0.97%
As of 8/31/2015, 04:15 PM

Find a Credit Card

Select a credit card product by:
Select an offer:
Data Provided by