Markets

Health Care Sector Update for 01/13/2016: SGNT,HLTH,ACST

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Top Health Care Stocks

JNJ -1.13%

PZE -1.82%

MRK -2.14%

ABT -1.82%

AMGN -2.92%

Health care stocks turned solidly lower today, reversing mixed trading earlier in the day and with the NYSE Health Care Index plunging nearly 2.0% while shares of health care companies in the S&P 500 were down about 2.6% as a group just before the closing bell.

In company news, Sagent Pharmaceuticals Inc ( SGNT ) rallied Wednesday following reports the injection-drugs company is considering a sale of the company as part of a broader strategic review of its alternatives.

Sagent is working with investment bank Perella Weinberg Partners, which has reached out to other companies and private equity firms to solicit potential interest in a deal, according to Reuters, citing people familiar with the matter. The sources cautioned that a transaction is not certain, Reuters said.

SGNT shares were up nearly 11% at $14.68 each, off from a $15.78-a-share session high.

In other sector news,

(+) HLTH, Q3 EPS of $0.14 beats Street view by $0.10 per share. Revenue rises 205.2% over year-ago levels to $52.5 mln, also topping the $50.1 mln consensus.

(-) ACST, Fiscal Q3 net loss narrows to $2.19 mln from $3.01 mln during same quarter last year. The company did report any revenue. No analyst estimates were available for comparison.

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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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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