Sector Update: Healthcare Stocks Rally on M&A Speculation; Kite Pharma Soars in Market Debut


Top Healthcare Stocks

JNJ +1.41%

PFE +0.56%

ABT -0.29%

MRK +1.11%

AMGN +2.51%

Healthcare stocks were higher with the NYSE Healthcare Sector Index adding about 0.5% and shares of healthcare companies in the S&P 500 climbing 0.8% as a group.

In company news, Kite Pharma ( KITE ) had a hot debut on its first day of trading, closing in on a 75% gain in its market debut.

The strong advance follows the specialty drug-maker pricing an upsized initial public offering of 7.5 million shares at a price to the public of $17.00 per share. The deal priced $1 over its expected price range, also selling an extra 1.5 mln shares above initial plans

KITE was up 75.6% at $29.85 a share in late trade, reaching a first day high of $30 a share.

In other sector news,

(+) SHPG, Rejects three buyout offers from rival drugmaker AbbVie ( ABBV ), one as high as $46 bln in cash and stock. ABBV is now considering a fourth offer, two people with knowledge of matter tell Bloomberg. ABBV also is higher.

(-) MACK, Regains global development and commercialization rights to its MM-121 prospective cancer treatment from Sanofi ( SNY ), which agreed to continue funding Phase II testing for the next six months.

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 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

Referenced Stocks: KITE , ABBV , SNY

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