Healthcare stocks were broadly lower Monday afternoon with the
NYSE Healthcare Sector Index declining about 1.0% and shares of
healthcare companies in the S&P 500 off 0.8% as a group.
In company news, shares of United Therapeutics Corp (
) were propelled higher Monday after analysts at Standpoint
Research raised their investment rating for the biotech company to
Buy from Hold, citing its market-leading position with drugs
intended to treat high blood pressure in the arteries between the
heart and the lungs.
Standpoint also set a $118 a share price target for the stock,
up from a prior range of $60 to $65 a share.
UTHR shares were ahead 3.3% at $93.96 each in late trade,
earlier climbing to an intra-day high of $95.28 a share, up nearly
5%. The stock has a 52-week range of $59.02 to $116.65 a share.
In other sector news,
(+) QCOR, Jumps to new 52-week high after agreeing to $5.6 bln
buyout by Mallinkrodt (
), with QCOR shareholders receiving $86.10 - consisting of $30 in
cash and 0.897 MNK share - for each share they now own. MNK shares
fell about 6% today.
(-) MNKD, FDA extends review period for the company's Afrezza
inhaled insulin medication by three months to July 15 in order to
complete a full review of MNKD data.
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