Sector Update: Healthcare Shares Flat to Lower Pre-Market; ImmunoGen's Q3 Net Loss Widens From Year Prior

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Top Healthcare stocks:

JNJ: -0.08%

PFE: -0.16%

ABT: flat

MRK: -0.12%

AMGN: flat

Healthcare shares were generally flat to lower in pre-market trade on Friday.

In healthcare stocks news, drug retailer Prestige Brands ( PBH ) Friday said it has signed a definitive agreement to acquire Insight Pharmaceuticals, a distributor of feminine care and other over-the-counter healthcare products, for $750 million in cash.

The transaction, along with the previously announced Hydralyte deal, is expected to bring in $800 million in pro forma revenues and $300 million in adjusted EBITDA.

PBH was flat in pre-market trading on Friday and closed at $27.31 Thursday.

And, medical equipment manufacturer Covidien ( COV ) on Friday reported GAAP net income of $441 million, or $0.97 per diluted share, up from last year's GAAP net income of $439 million, or $0.80 per diluted share. On an adjusted basis, net income was $435 million, or $0.96 per diluted share, versus the Capital IQ consensus of $0.95. Net sales increased to $2.6 billion from $2.53 billion, in line with Street view.

COV was flat in pre-market trading on Friday and closed at $70.96 Thursday.

Finally, ImmunoGen ( IMGN ) reported its fiscal Q3 net loss widened, revenue fell and said it cut its full year guidance.

The biopharmaceutical company reported a net loss of $37.5 million, or $0.44 per basic and diluted share, compared to a net loss of $1.4 million, or $0.02 per basic and diluted share. Included in the current period is a $0.15 per share non-cash expense related to the collaboration recently established with CytomX.

Analysts expected a loss of $0.27.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


This article appears in: Investing , Commodities

Referenced Stocks: PBH , COV , IMGN

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