Sector Update: Healthcare

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Healthcare stocks are moderately higher with the NYSE Healthcare Sector Index climbing 0.2% and shares of healthcare companies in the S&P 500 adding 0.3% as a group.

In company news, Dendreon Corp. ( DNDN ) is up nearly 11% at $2.81 a share in late trade, climbing as high as $3.02 after Bloomberg News reported the maker of the prostate-cancer drug Provenge is seeking a buyer.

Dendreon reportedly is working with JPMorgan Chase & Co. ( JPM ) to find suitors, the news outlet reported late Friday, citing a person familiar with the matter.

Separately today, DNDN shares were raised to Buy from Hold at the Maxim Group, which also more than trebled its price target to $10 a share.

In other sector news,

(+) BIIB, Q3 earnings of $2.35 per share, ex items, beats by $0.25. Revenue rises 31.9% year over year to $1.83 bln, topping the consensus view by $50 mln. Raises FY13 revenue, EPS guidance by $0.40 to $8.65 to $8.85, exceeding estimates by at least $0.03.

(-) MRK, Q3 EPS of $0.92, ex items, beat by $0.04 per share. Revenue falls 4.0% year over year to $11.03 bln, trailing estimates by $10 mln. Issues mixed FY13 guidance.



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This article appears in: Investing , Commodities

Referenced Stocks: DNDN , JPM

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