Sector Update: Health Care Stocks Underwater as a Group; ANI Pharma Jumps after Narrowing Q2 Net Loss, Growing Revenue

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Healthcare stocks were narrowly lower with the NYSE Healthcare Sector Index slipping less than 0.1% and shares of healthcare companies in the S&P 500 declining about 0.1% as a group.

In company news, ANI Pharmaceuticals ( ANIP ) rallied Monday after narrowing its Q2 net loss and growing quarterly revenue about 8% compared with year-ago levels.

ANIP shares were ahead about 12% in mid-day trade at $39.98 apiece, earlier rising to a session high of $31.84 a share. The stock has a 52-week range of $5.99 to $38.74 a share, jumping over 378% over the past 12 months.

The specialty pharmaceutical company reported a Q2 net loss of $2.4 million, or $0.21 per share, improving on a $4.6 million net loss last year. Revenue rose 8% year over year to $6.6 million. No analyst estimates were available for comparison.

Looking forward to the final six months of the year, ANIP is expecting sales in a range of $28 million to $30 million. It also is forecasting adjusted non-GAAP earnings, excluding non-cash stock compensation expense, in a range of $0.90 to $1.00 per share.

ANIP shares were ahead about 11.4% in mid-day trade at $29.78 apiece, earlier rising to a session high of $31.84 a share. The stock has a 52-week range of $5.99 to $38.74 a share, jumping over 378% over the past 12 months.

In other sector news,

(+) CBMG, (+19.6%) Announces plans to acquire Agreen Biotech and its founder's patent for $3.28 mln in cash, 753,522 shares of its common stock and 75,000 shares of restricted stock units.

(-) INSM, (-25.2%) Discloses plans for two Phase 3 studies of its Arikayce inhaled antibiotic treatment to treat lung infections, likely extending the wait before the company will seek FDA approval for the drug. Expects to file for EU nod by Dec. 31.



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This article appears in: Investing , Commodities

Referenced Stocks: ANIP

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