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Healthcare Stocks Mixed Late; Intellipharaceutics Pares Earlier Losses, Closes Up After News of Offering

By: MT Newswires
Posted: 11/29/2013 1:28:00 PM
Referenced Stocks: IPCI

Top Healthcare Stocks

JNJ -0.3% from near 52 week highs regular hours, -0.1% after hours.

PFE -0.5%.

ABT -0.3%

MRK flat

AMGN +0.2%

Healthcare stocks were mixed with the NYSE Healthcare Sector Index rising 0.5% while shares of healthcare companies in the S&P 500 were down 0.2% as a group.

In company news, Intellipharmaceutics ( IPCI ) recovered early losses that saw it open at $3.55 and touch $3.52 but rally through the close and end up 2 cents at a day high $3.94 a share after late Wednesday announcing plans to sell up to 5.3 million shares of its common stock through an "at-the-market" offering program from time to time.

The maker of controlled and targeted-releasse solid dosage drug said it is seeking up to $16.8 million in proceeds from the periodic stock sales. IPCI does not have any specific plans for the new funds other than for working capital, although it will use about $800,000 to repay a related-party loan.

In other sector news,

(+) MDXG, (+5.9%) Receives an extension for the pass-through reimbursement status of its EpiFix allograft product through 2014.

(-) THO, (-0.6%) Studies by the Cleveland Clinic and other facilities released late Wednesday find patients who had the company's HeartMate II heart-assist pump implanted after March 2011 had nearly four times the risk of potentially fatal blood clots than patients getting the device before that time.