Late Selloff Nips Healthcare Stocks; Jazz Pharmaceuticals Falls After Missing Q4 Expectations, Downgrade

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Healthcare stocks were ending narrowly mixed Wednesday, with the NYSE Healthcare Sector Index gaining 0.3% and shares of healthcare companies in the S&P 500 giving back earlier gains to finish with a 0.1% decline as a group.

In company news, Jazz Pharmaceuticals plc ( JAZZ ) shares were lower shortly before the closing bell, coming under pressure after an analyst downgrade Wednesday that followed the company missing analyst projections with its Q4 financial results.

The drug-maker earned $1.72 per share during the three months ended Dec. 31, 2013, missing Wall Street expectations by $0.06 per share. Revenue rose 28.4% over year-ago levels to $235.8 million, also coming up about $1.72 million short of the Capital IQ consensus for the period.

Following the lackluster results, analysts at Cantor Fitzgerald reduced their investment rating for the stock to Hold from Buy.

Shares were down almost 7% at $162.94 apiece, earlier falling as low as $157.67 a share during today's session. The stock has a 52-week range of $50.76 to $176.50 a share.

In other sector news,

(+) ANIK, FDA grants marketing approval for the company's MonoVisc single-injection treatment for knee pain caused by osteoarthritis. The regulatory nod triggers $5 mln milestone payment from DePuy Synthes, which has marketed MonoVisc internationally since 2008.

(-) AEGR, Q4 net product sales of $24.5 mln trail the Capital IQ consensus by around $430,000. But the drug-maker also narrows its non-GAAP net loss compared to year-ago levels, posting $0.14 per share loss and beating Street view by $0.18 per share.



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.

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This article appears in: Investing , Commodities

Referenced Stocks: JAZZ

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