Late Selloff Drags Down Healthcare Stocks; MS Health Holdings Climbs Nearly 20% On First Day of Public Trading


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Healthcare stocks were lower Friday with the NYSE Healthcare Sector Index sliding about 1.0% while shares of healthcare companies in the S&P 500 were down 1.4% as a group.

In company news, MS Health Holdings ( IMS ) rose on its first day as a public company, with shares climbing nearly 17% in late trading at the New York Stock Exchange.

The information and services provider for healthcare companies priced its initial public offering of 65 million shares of common stock at $20 apiece share, including 13 million to be sold by early-stage IMS investors. It also issued 30-day options to buy up to 9.75 million shares to cover possible overallotments.

The IPO raised $1.04 billion in gross proceeds.

Shares were up 16.9% at $23.38 each in late trade, climbing as high as $23.65 during today's session.

In other sector news,

(+) MYL, Maintains strong price gains despite being rebuffed today in a bid to acquire Swedish specialty pharmaceutical company Meda AB.

(-) DYAX, FDA approves expanded use of the company's Kalbitor treatment for acute hereditary angioedema to now include patients 12 years of age and older.

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: IMS

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