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Sector Update: Healthcare Shares Mixed On Results; Cumberland Down 14%, WellCare Hits 52 Week Highs, Navidea Down 4%

By: MT Newswires
Posted: 8/7/2013 12:11:00 PM
Referenced Stocks: CPIX;NAVB;WCG

Health care stocks:

JNJ: +0.02%, shy of 52 week highs

PFE: +0.07%

ABT: -0.4%

MRK: +0.37%

AMGN: -0.8%

Healthcare shares are mixed at mid-day. Among them, Cumberland Pharmaceutical ( CPIX ), which focuses on commercializing branded prescription products, is down about 14% at $4.78 after it reported worse-than-expected results for Q2 late Tuesday.

The company swung to a net loss of $0.6 million, or $0.03 per share, compared with a profit of $0.9 a year ago. Analysts had expected a profit of $0.02. Q2 net revenue declined to $7.1 million from $12.4 million for the prior year period, below forecasts for $9.4 million.

And, WellCare Health Plans ( WCG ) is up near 10% at $66.40, having marked a 52-week high at $68.17, after it reported Q2 earnings of $1.35 per share, versus the Capital IQ consensus of $1.22. Revenues were $2.33 billion, versus the analyst estimate of $2.28 billion.

The company now expects FY13 EPS of $4.70 - $4.90, up from the prior guidance range of $4.60 - $4.90, versus the consensus of $4.85. Shares are up 8.34% at $65.62 with a 52-week range of $44.75 - $64.29.

Finally, Navidea Biopharmaceuticals ( NAVB ) shares are down 4% as it reported a Q2 loss of $0.09 per share, missing estimates for $0.06 loss. Sales were $195,000, up from $60,000 a year ago. Shares, flat in pre-market, closed down 2% at $2.97 yesterday.