Sector Update: Health Care

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Healthcare stocks reversed earlier losses and were higher in late trade, with the NYSE Healthcare Sector Index rising about 0.5% and shares of healthcare companies in the S&P 500 adding 0.6% as a group.

In company news, shares of Alere Inc. ( ALR ) tumbled Monday after the diagnostics laboratory company today a wide miss with its Q2 adjusted earnings and revenue.

On a GAAP basis, the company recorded a $55.0 million net loss, or $0.67 per share, improving on a $65.9 million loss in the year-ago period. Excluding non-recurring items, it earned $0.42 per share, down from a $0.64 adjusted profit last year and trailing analyst forecasts by $0.16 per share.


Revenue declined 3.4% year over year to $737.9 million, trailing analyst estimates by around $9.65 million.

ALR shares were down 13% at $34.75 each, earlier sliding to a session low of $33.76 a share. The stock has traded within a 52-week range of $29.61 to $40.80 a share, now giving up all of its gains over the past 12 months, declining 0.7% including today's losses.

In other sector news,

(+) CBMG, 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, 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: ALR

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