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Healthcare Stocks Largely Maintaining Early Gains; Synta Director Keeps Buying Shares, Fueling Advance

Posted
6/21/2013 1:00:00 PM
By: MT Newswires
Referenced Stocks:SNTA

Top Healthcare Stocks

JNJ +0.35%

PFE +0.12%

ABT +0.88%

MRK +1.49%

AMGN +0.83%

Healthcare stocks are moderately higher with the NYSE Healthcare Sector Index ahead less than 0.1%, while shares of healthcare companies in the S&P 500 are up about 0.4% as a group.

In company news, Synta Pharmaceuticals Corp. ( SNTA ) is up 8.8% to $4.19 a share, climbing as high as $4.34 in initial trade this morning after board member Bruce Kovner disclosed another big purchase of the drug-maker's stock this week.

According to a new stock ownership statement filed with U.S. regulators last night, Kosner bought 200,000 shares during Wednesday's session through a family trust at an average price of $3.9958 apiece. The purchase increased his overall stake in SNTA to more than 22.7 mln shares and follows a similar deal earlier this month when Kovner acquired 2 mln shares at $4.65 apiece, spending $4.65 mln.

Kovner is the founder and managing partner of Caxton Corp., a diversified trading and asset management company, and has been a SNTA board member since July 2002. He previously was a vice president at Commodities Corp prior to its acquisition by Goldman Sachs.

In other sector news,

(+) ORMP, (+43.0%) Withdraws proposed public offering of 24 mln shares filed with securities regulators on Jan. 11, citing market conditions.

(-) IDIX, (-28.7%) FDA requests additional pre-clinical safety information for its IDX209603 drug candidate, putting the start of clinical testing on hold until it can provide a satisfactory response to the agency. IDIX recently submitted an Investigational New Drug application for the prospective treatment for hepatitis C.