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Health Care Sector Update for 01/24/2017: OCUL,RMD,BIOA

Top Health Care Stocks

JNJ -1.69%

PFE -1.14%

MRK -0.17%

ABT -1.04%

AMGN -0.75%

Health care stocks were the lone industry sector in the S&P 500 declining Tuesday, with the NYSE Health Care Index dropping 0.7% while shares of health care companies in the S&P 500 were down over 0.6% as a group.

In company news, shares of Ocular Therapeutix ( OCUL ) were falling Tuesday after the medical device company working to develop a hydrogel-based treatment for certain eye disorders today priced a $25 million public offering of 3.5 million shares of its common stock at $7 apiece, a 7.3% discount to Monday's closing price.

After paying underwriter discounts, FINRA-related expenses and other offering costs, the company is expecting to use net proceeds to fund more clinical development of its Dextenza, OTX-TP and other product candidates in addition to a potential expansion in the future of its manufacturing, sales and marketing capabilities, according to the offering prospectus.

OCUL shares were down today by more than 8% to $6.93 each, starting to increase the gap between the current share price and their session low of $6.53 a share earlier today.

In other sector news,

(+) RMD, (+7.0%) Q4 EPS of $0.73 exceeds Capital IQ consensus by $0.03 per share. Revenue climbs 16.7% year over year to $530.4 mln, also beating the $516.28 mln consensus.

(-) BIOA, (-18.7%) Prices upsized $17.5 mln public offering of 3.68 mln shares of its common stock - a 75% increase over it original proposal - at $4.75 a share, a 9.7% discount to Monday's closing price. Issues four-year warrants to buy up to 1.84 mln more shares at $5.50 each

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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