Health Care Sector Update for 01/26/2017: MGCD,AVGR,ENTL

Top Health Care Stocks

JNJ -0.71%

PFE +0.02%

MRK +1.79%

ABT +0.23%

AMGN -0.53%

Health care stocks extended their declines through Thursday trading, with the NYSE Health Care Index dropping to a 0.5% retreat this afternoon while shares of health care companies in the S&P 500 were down nearly 0.8% as a group.

In company news, MGC Diagnostics Corp ( MGCD ) shares surged to an 18-month high on Thursday after the medical device company last night declared a special cash dividend of $0.70 per share and said it was initiating a strategic review of its businesses and assets.

The dividend is payable Feb. 24 to shareholders of record on Feb. 10. The company said it would consider all reasonable options but would not guarantee any particular action may be taken as a result of the review.

MGC Diagnostics also reported a non-GAAP Q4 profit of $0.02 per share, down from $0.23 per share in net income during the same quarter last year while revenue grew 9% over year-ago levels to $11.5 million. No analyst estimates were available for comparison.

MGCD shares were up almost 14% at $8.70 apiece Thursday afternoon, earlier reaching their best price since June 2015 at $9.20 a share.

In other sector news,

(+) AVGR, Reports positive two-year data from Phase III testing of its lumivascular technology using catheters and light to observe and treat circulatory problems while minimizing blood vessel damage.

(-) ENTL, Prices $60 mln public offering of 3.53 mln shares at $17 apiece, a 12.3% discount to Wednesday's closing price.

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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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