Markets

Health Care Sector Update for 04/07/2017: CDXS,PTIE,CBIO

Top Health Care Stocks

JNJ +0.03%

PFE +0.13%

MRK +0.38%

ABT -0.16%

AMGN +0.96%

Health care stocks were holding on to small gains late Friday afternoon, with the NYSE Health Care Index adding about 0.2% in value while shares of health care companies in the S&P 500 were up about 0.3% as a group.

In company news, Codexis Inc. ( CDXS ) was higher Friday afternoon, reversing earlier declines that followed the protein-engineering biotech company overnight pricing a $22 million public offering of 5.5 million shares of its common stock at $4 apiece, a 12.1% discount to Thursday's closing price.

The company is expecting to pocket around $20.2 million in net proceeds after paying underwriter discounts and other offering expenses. The new funds are targeted for general corporate purposes, including financing additional research and development of product candidates as well as for working capital and capital projects.

CDXS shares were up about 1.1% at $4.60 each shortly before today's closing bell, turning positive during the final 90 minutes of trading after earlier falling to a mid-morning session low of $3.95 a share.

In other sector news,

(+) KTWO, Signs new, five-year supply agreement with LifeHealthcare Group for distribution of the company's spinal technologies with a shared goal of establishing a market-leading position in Australia and New Zealand.

(-) CBIO, Prices $4.65 mln offering of 930,000 Class A units of common stock and warrants at $5 each. Also prices a $13.5 mln offering of Class B units containing convertible preferred stock and warrants at $1,000 apiece.

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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