Sector Update: Health Care Stocks Inching Higher; PDL BioPharma Retreats From Session Highs After Q2 Profit Slips From Year-Ago Levels


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Healthcare stocks were slightly higher this afternoon with the NYSE Healthcare Sector Index climbing about 0.2% and shares of healthcare companies in the S&P 500 rising about 0.1% as a group.

In company news, PDL BioPharma ( PDLI ) rose Tuesday after the specialty drug-maker reported non-GAAP net income and revenue that beat Wall Street expectations.

On a non-GAAP basis, the company earned $92.1 million, or $0.52 per share, during the three months ended June 30, down from $93.7 million during the same quarter last year and beating the Capital IQ consensus by $0.06 per share.

Revenue rose 10% over year-ago levels to $162.8 million, topping analyst estimates by around $24.3 million.

The company said it will provide revenue guidance for the current quarter in September.

PDLI shares recently were ahead 1.1% at $9.43 each, earlier climbing to a session high of $9.75 a share. The stock has traded within a 52-week range of $7.38 to $10.21 a share, rising almost 27% over the past 12 months through Monday's close.

In other sector news,

(+) SKH, (+21.5%) Agrees to all-stock buyout offer from privately held Genesis HealthCare, creating one of the nation's largest providers of post-acute care services.

(-) ONTY, (-18.0%) Merck KGaA tells the company its EMR 63325-009 drug candidate did not meet it primary endpoint of improved overall survival during Phase I/II testing in Japanese patients with Stage III non-small cell lung cancer, recommending an end to further testing.

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

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