Healthcare stocks were little changed, with the NYSE Healthcare
Sector Index rising about 0.1% and shares of healthcare companies
in the S&P 500 falling about 0.1% as a group.
In company news, shares of Flexion Therapeutics Inc. (
) advanced as much as 24% each during the first day of public
trading for the specialty drug-maker.
FLXN earlier priced its initial public offering of 5 million
shares at $13 apiece, the midpoint of their expected range,
pocketing $65 million in gross proceeds. It expects to use the new
money, after first paying underwriter discounts and other offering
expenses, on further research and development of pain therapies for
patients with osteoarthritis and other corporate purposes.
The company is planning a second Phase IIb test starting before
mid-year to confirm the results of a recent trial demonstrating
statistically significant pain relief for patients treated with its
FX006 drug candidate compared to patients receiving a placebo. FLXN
also has two other pain drugs in development.
Shares were up 14.3% in recent trade at $14.86 apiece, climbing
as high as $16.12 a share during morning trade.
In other sector news,
(+) DVA, (+4.1%) Adjusted Q4 EPS of $1.10 beats by $0.12.
Revenue climbs 20% over year-ago period to $3.06 bln, topping
Street view by around $60 mln.
(-) SGMO, (-7.79%) Q4 net loss of $0.13 per share was $0.05
wider than expected but net sales of $6.9 mln beat estimates by
around $1.2 mln. Projects FY14 sales of $45 mln to $50 mln, topping
consensus view by at least $9.5 mln.
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