Sector Update: Health Care

By Staff,

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Healthcare stocks were rising Friday with the NYSE Healthcare Sector Index advancing 0.8% and shares of healthcare companies in the S&P 500 climbing 1.1% as a group.

In company news, Hanger ( HGR ) slid to a new 52-week low Friday after the provider of orthotic and prosthetic patient care services reported below-consensus Q2 profit and revenue.

Adjusted EPS was $0.40 during the quarter, trailing the Capital IQ consensus by $0.13 per share. GAAP net income decreased to $12.6 million, or $0.35 per diluted share, in the April-to-June period, from $14.1 million last year.

Q2 sales increased to $275.9 million from $267.8 million last year but still lagged the Wall Street's consensus of $285.5 million.

HGR shares were down over 25% at $22.38 apiece, earlier sliding to a new 52-week low of $21.02 per share.

In other sector news,

(+) TKMR, FDA removes full hold on the company's potential Ebola drug, allowing some patients to be treated with TKM-Ebola in limited experiments under a new regulatory partial hold.

(-) VOLC, Reports Q2 net loss of $5.5 mln, or $0.10 per share, trailing expectations by $0.05 per share. Revenue of $102.6 mln also fell about $500,000 short. Oppenheimer downgrade to Market Perform from Outperform, cuts price target by $7 to $22 a share.

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
Referenced Stocks: HGR

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