Top Health Care Stocks
Health care stocks pared some of their prior declines Monday afternoon, including a more than 0.5% decline for the NYSE Health Care Index in recent trading. Also, shares of health care companies in the S&P 500 were down nearly 0.3% as a group while the Nasdaq Biotechnology index slid almost 1.7% lower.
Among health care stocks moving on news:
Insulet ( PODD ) rallied Monday after saying Medicare Part D sponsors have authorized reimbursing the costs of implanting its omnipod drug-delivery system for diabetes patients following new guidance from the Centers for Medicare and Medicaid Services. The decision also clears the way for Medicaid coverage of the insulin pump at the state level, the company said, explaining many state-run Medicaid programs follow agency and prescription drug guidance to determine coverage. It also spurred analysts at Raymond James to raise their investment call for Insulet stock to Outperform from Market Perform.
In other sector news:
- Intec Pharma ( NTEC ) was edging lower in the afternoon despite the Israeli drugmaker signing a feasibility and option agreement with Novartis ( NVS ) to explore using its accordion-pill platform technology for a proprietary Novartis compound.
- Celgene ( CELG ) declined after Monday confirming plans to buy Impact Biomedicines for $1.1 billion in cash plus contingent payments based on regulatory approvals and sales-based milestones. The company also reported preliminary adjusted FY17 net income of $7.44 per share, up 25% over year-ago levels and beating the Capital IQ consensus expecting $7.34 per share. It also sees non-GAAP Q4 EPS of $2.00, a 24% rise over last year and topping the analyst mean by $0.07 per share.
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