Top Health Care Stocks
Health care stocks were mostly higher in late afternoon trading, with the NYSE Health Care Index rising about 0.4% while shares of health care companies in the S&P 500 were up slightly more than 0.6% as a group.
In company news, Community Health ( CYH ) rallied Tuesday after the acute-care hospitals operator today reported above-consensus Q4 earnings and revenue.
The company earned $0.46 per share during the three months ended Dec. 31, topping the Capital IQ consensus by $0.27 per share. Revenue declined 6.9% from the same quarter last year to $4.47 billion, also surpassing the $4.39 billion consensus.
For FY17, the company is expecting per-share net income in a range of $0.30 to $1.10, straddling the $0.61 per share Street view.
Following today's results, analysts at Mizuho raised their investment call for Community Health to Neutral from Underperform and more than doubled its price target to $7.50 a share from $3 previously.
CYH shares were up more than 32.5% at $9.15 each, earlier topping out today at $9.69 a share.
In other sector news,
(+) EYEG, Signs exclusive, global licensing agreement with Valeant Pharmaceuticals ( VRX ) for the EyeGate II delivery system and EGP-437 combination product candidate. Receives undisclosed upfront cash payment.
(-) CDTX, CD101 drug candidate fails to exceed clinical and mycological cure rates in acute vulvovaginal candidiasi compared to oral fluconazole during Phase II testing and does not show sufficient efficacy to justify further development.
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