Top Healthcare Stocks
Healthcare stocks were finishing mixed Wednesday with the NYSE
Healthcare Sector Index rising 0.1% although shares of healthcare
companies in the S&P 500 had declined around 0.3% as a
In company news, Iradimed Corp (
) rallied Wednesday, with shares of the maker of non-magnetic
infusion pumps rising in their first day of public trading after
the company priced an upsized initial public offering of stock
above its expected range.
The company sold 2.016 million shares - or 266,000 more than its
original plan - at $6.25 apiece, topping the expected $5.00 to
$6.00 price range by at least 4.1%. After underwriter discounts and
other offering expenses, IRMD will pocket around $5.35 per share,
or just under $10.8 million in net proceeds. The exercise of
underwriter overallotments would boost the take to around $12.5
It plans to use up to $2 million of the proceeds on sales and
marketing efforts, with between $1 million to $1.5 million
earmarked for research and development of existing and new
products. Up to $1.5 million more will go for working capital, with
any remaining funds set aside for potential acquisitions, although
the company said in its final prospectus it does not have any
potential deals in the works at this time.
IRMD shares were up more than 42% in late trade at $8.89 apiece,
earlier climbing to a session high of $11.20 a share and a 79.2%
gain following a $10 open.
In other sector news,
(+) HCA, Raises Q2 guidance, now expecting to report per-share
earnings of around $1.07 on around $9.23 bln in revenue, up 9.2%
over year-ago levels. The Street has been looking for EPS of $0.92
on $8.86 bln in revenue.
(-) BIOA, Prices $33.6 mln public offering of 2.8 million shares
of its common stock at $12 each, a 15.5% discount to yesterday's
closing price for the stock. Proceeds will be used for working
capital and other general corporate purposes.
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