Healthcare stocks are narrowly mixed today with the NYSE
Healthcare Sector Index gaining about 0.1% and shares of healthcare
companies in the S&P 500 slipping about 0.1% as a group.
In company news, Vical Inc. (
) is up 1.65% at $1.35 a share, staying in a tight range today
after disclosing plans to lays off 39% of workforce after the
company scraps its cancer immunotherapy program to instead focus on
infectious disease vaccines.
VICL is expecting to post about $2.2 mln in restructuring
charges during Q3, with 47 employees receiving pink slips in the
job cuts. The moves follow VICL last week reporting its Allovectin
investigational cancer immunotherapy failed to meet efficacy
endpoints in recent Phase III clinical testing.
The company said it had around $70 million in cash and
equivalents on hand at the end of the June quarter, giving it
enough resources to continue operations through 2015 at a minimum.
Its net cash burn rate was about $17 million in Q2, down about $1
million from the prior quarter.
In other sector news,
(+) IMMU, (+1.9%) Reports fiscal Q4 net loss of $0.09 per share,
a penny less than last year and beating Capital IQ consensus by
$0.03. Revenue climbs 28.5% from a year ago to $1.4 mln, topping
Street view by $590,000.
(-) DNDN, (-10%, has hit fresh 52 week lows) Earlier slides to
new 52-week low after Deutsche Bank lowered its rating for the
stock to Sell from Hold.
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