Top Healthcare Stocks
Healthcare stocks were moderately lower Friday with the NYSE
Healthcare Sector Index slipping about 0.3% and shares of
healthcare companies in the S&P 500 off about 0.5% as a
In company news, Arena Pharmaceuticals was lower Friday, giving
up early gains that followed the drug-maker today reporting a
surprise Q2 profit despite a big year-over-year drop in quarterly
revenue although those results also topped Wall Street
Net income was $7.48 million, or $0.03 per share, down from a
$40.1 million profit during the year-ago period but easily beating
analyst estimates looking for an $0.11 per share net loss.
Revenue declined 81.4% year over year to $12.8 million but still
exceeded the Capital IQ consensus by around $3.63 million. Net
sales of the company's Belviq anti-obesity drug reached $3.5
million, or 31.5% of the $9.9 million in overall sales of the drug
by the U.S. affiliate of Eisai Co Ltd. ARNA also received around
$400,000 from redemptions of a 15-day free trial voucher for
ARNA shares were nearly 5% at $4.40 apiece in mid-day trade,
just 5 cents above its session low and retreating from an early
4.5% advance to $4.84 a share. The stock has traded in a 52-week
range of $4.05 to $7.97 a share, declining slightly less than 35%
over the past 12 months.
In other sector news,
(+) TNDM, (+17.1%) Q2 net loss of $0.83 per share was $0.06
smaller than expected. Revenue climbs 85.5% year over year to $10.3
mln, roughly in-line with $10.4 mln consensus. Guides FY14 revenue
in-line with $546.76 mln Street view.
(-) BONE, (-29.4%) Prices offering of 1.14 mln shares at $5.70
each, a 19.9% discount to Thursday's closing price. The deal also
included warrants to buy up to 571,500 additional shares at $7.12
apiece and generated $5.8 mln in gross proceeds.
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