Sector Update: Healthcare

By Staff,

Shutterstock photo

Healthcare stocks were mixed with the NYSE Healthcare Sector Index declining 0.1% and shares of healthcare companies in the S&P 500 rising 0.2% as a group.

In company news, AcelRx Pharmaceuticals Inc. ( ACRX ) was trading higher Friday after Q1 revenue for the drugmaker nearly evaporated compared with year-ago levels although its per-share net loss managed to edge out the analyst consensus.

The company reported a net loss of $9.6 million, or $0.22 per share, during the three months ended March 31, improving on a $12.4 million net loss last year and topping the Capital IQ Consensus Estimate by $0.02 per share.

Revenue tumbled 89% from year-ago levels to just $95,000, reflecting recognition of previously deferred revenue under a collaboration agreement with Grunenthal. Analysts, on average, were looking for ACRX to generate around $70,000 in Q1 revenue.

ACRX ended the quarter with around $92.9 million in cash and equivalents, down about $10.8 million the end of the prior quarter. The company said it has enough resources on hand to fund operations through 2015 at a minimum.

Shares were up 0.3% at $9.82 each, reversing an earlier skid that dropped the stock to a session low of $9.50 a share. The stock has a 52-week range of $6.03 to $13.64 a share, gaining 59.7% over the past 12 months.

In other sector news,

(+) BIOS, (+14.4%) Revenue climbs 20.3% year over year to $239.6 mln, beating analyst projections by $17.91 mln. Net loss of $0.13 per share was $0.11 wider than Wall Street expectations. Guides FY14 revenue in-line with consensus view.

(-) JAZZ, (-6.3%) Q1 EPS of $1.61 trails analyst estimates by $0.18 per share. Revenue rises 25.8% over year-ago levels to $246.9 mln, missing Street view by $7.11 mln. Projected earnings, revenue in-line with Wall Street expectations.

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: ACRX

More from MT Newswires


MT Newswires

MT Newswires

Follow on:

Find a Credit Card

Select a credit card product by:
Select an offer:
Data Provided by