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Broad-Based Declines for Healthcare Stocks; Celldex Down 11% After Q4 Net Loss Widens, Revenue Falls 83%

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Healthcare stocks were lower Monday afternoon, with the NYSE Healthcare Sector Index declining about 1.3% and shares of healthcare companies in the S&P 500 falling 1.1% as a group.

In company news, Celldex Therapeutics ( CLDX ) fell Monday after its net loss widened and revenue declined compared to the year-ago period.

The oncology drug developer posted a Q4 loss of $22.1 million, or about 31.5% wider than its $16.8 million net loss in the year-ago period. On a per share basis, the net loss was unchanged from a year-ago and topped analyst estimates by $0.02 per share.

Revenue slid 83% year over year to $620,000, also beating the Capital IQ consensus by around $370,000. The company also said said it expects that its cash, cash equivalents and marketable securities will be sufficient to fund its operating expenses and capital expenditure requirements through 2016.

CLDX shares were down 11% at $26.02 apiece in mid-day trading, earlier falling nearly 12% to a session low of $25.77 a share. The stock has a 52-week range of $9.13 to $38.84 a share.

In other sector news

(+) GNCA, (+1.9%) Stifel Nicolaus begins coverage of the biotech company working on vaccines to infectious diseases a Buy rating and a price target of $25 a share.

(-) TXNP, (-2.1%) Holds a pre-investigational new drug meeting with the U.S. Food and Drug Administration to discuss the regulatory pathway for the development of its TNX-201 drug candiate for the relief of episodic tension-type headaches.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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