Sector Update: Healthcare


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Healthcare stocks are moderately higher, with the NYSE Healthcare Sector Index ahead less than 0.1% while shares of healthcare companies in the S&P 500 are up about 0.4% as a group.

In company news, Synta Pharmaceuticals Corp. ( SNTA ) is up 8.8% to $4.19 a share, climbing as high as $4.34 in initial trade this morning after board member Bruce Kovner disclosed another big purchase of the drug-maker's stock this week.

According to a new stock ownership statement filed with U.S. regulators last night, Kosner bought 200,000 shares during Wednesday's session through a family trust at an average price of $3.9958 apiece. The purchase increased his overall stake in SNTA to more than 22.7 mln shares and follows a similar deal earlier this month when Kovner acquired 2 mln shares at $4.65 apiece, spending $4.65 mln.

Kovner is the founder and managing partner of Caxton Corp., a diversified trading and asset management company, and has been a SNTA board member since July 2002. He previously was a vice president at Commodities Corp prior to its acquisition by Goldman Sachs.

In other sector news,

(+) ORMP, (+43.0%) Withdraws proposed public offering of 24 mln shares filed with securities regulators on Jan. 11, citing market conditions.

(-) IDIX, (-28.7%) FDA requests additional pre-clinical safety information for its IDX209603 drug candidate, putting the start of clinical testing on hold until it can provide a satisfactory response to the agency. IDIX recently submitted an Investigational New Drug application for the prospective treatment for hepatitis C.

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: SNTA

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