Health Care Sector Update for 02/14/2018: MAIN,IQV,PIRS

Top Health Care Stocks

JNJ -0.98%

PFE +0.87%

ABT +0.83%

MRK +.01%

AMGN +2.22%

Health care stocks were trending higher, including a nearly 0.5% gain for the NYSE Health Care Index in recent trading. Shares of health care companies in the S&P 500 were slightly more than 0.5% higher as a group while the Nasdaq Biotechnology index was climbing nearly 1.5%.

Among health care stocks moving on news:

+/- Main Street Capital Corp ( MAIN ) was edging lower during Wednesday trading, slipping almost 0.1% to a session high of $37.15 a share, after the specialty lending and investment company said it recently exited all of its equity and debt investments in SoftTouch Medical Holdings LLC, pocketing a net gain of about $5.2 million from the sale to an unnamed sponsor-backed strategic acquirer. Main Street first invested in SoftTouch in October 2014, acquiring $5.0 million in equity as well as $8.5 million of the pediatric home medical equipment company's first-lien, senior secured debt. Those deals generated a total internal rate of return of 24.2% and 1.8 money invested return, the company said.

In other sector news:

+ Iqvia Holdings ( IQV ) added more than 8% in value Wednesday, topping out at $108.35 a share, after the health care services company reported non-GAAP Q4 net income reaching $1.40 per share, beating the Capital IQ consensus expecting $1.34 per share. Revenue rose to $2.16 billion from $1.95 billion during the same quarter last year, exceeding the $2.14 billion Street view. The company is projecting adjusted Q1 net income in a range of $1.23 to $1.30 per share, topping the analyst mean by at least $0.03 per share. It sees revenue for the current quarter coming in between $2.42 billion to $2.47 billion, crushing Wall Street expectations looking for $2.04 billion in Q1 revenue. Iqvia also is expecting FY18 revenue surpassing the $8.53 billion analyst mean by at least $1.43 billion.

- Pieris Pharmaceuticals ( PIRS ) slumped on Wednesday, with the biotech company developing Anticalin-based medications slipping a proteins falling over 14% to a session low of $8.12 a share, after pricing a $44 million public offering of 5.5 million shares of its common stock at $8 apiece, a 15.3% discount to Tuesday's closing price. It also issued 30-day options to underwriters to buy up to 825,000 additional shares and plans to use the net proceeds to advance development of its PRS-343 drug candiate through Phase I testing as well as expanding its pre-clinical pipeline and discovery operations.

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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