Healthcare stocks are mostly lower today with the NYSE
Healthcare Sector Index falling 0.4% and shares of healthcare
companies in the S&P 500 dropping nearly 0.6% as a group.
In company news, Synta Pharmaceuticals Corp. (
) is up more than 15% at $4.88 a share after the CEO and several
directors at the oncology drug company disclosed a new round of
insider stock buying, including CEO Safi Bahcall acquiring 20,000
shares on Nov. 13 and boosting his direct stake to over 2.05
Safi paid an average of $3.75 for each share, with an overall
payout of $75,000, according to stock ownership records filed late
The largest individual buy was a 5-million-share purchase by
Bruce Kovner, a SYNT director and founder of the Caxton Associates
hedge fund. He bought 1.6 million shares through his OB Select
Opportunities Fund and another 3.4 million shares through KFO
Holdings, all at $3.75 a share.
In other sector news,
(+) VRX, Prices upsized $900 mln (from $850 mln) offering of
5.625% senior unsecured notes due 2021. Concurrent with the deal,
Proceeds from the deal - plus cash on hand - will be used to redeem
all $915 mln of its 6.5% senior notes due 2016.
(-) MRK, Presents positive interim data from Phase Ib evaluation
of its MK-3475 drug candidate as a monotherapy in patients with
late-stage melanoma. Also, consolidating production at two Puerto
Rico facilities next year as part of a global restructuring.
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