Top Health Care Stocks
Health care stocks were narrowly lower, including a nearly 0.4% decline for the NYSE Health Care Index in recent trading. Also, shares of health care companies in the S&P 500 were down almost 0.3% as a group while the Nasdaq Biotechnology index was down less than 0.1%.
Among health care stocks moving on news:
- Neogenomics ( NEO ) still was nearly 5% lower Friday afternoon, recovering moderately from a more than 9% slide in morning trading that followed the genetic-testing laboratory company pricing a $125 million public offering of 9.8 million of its common shares at $12.75 each, equal to a 2.4% discount to Thursday's closing price. Net proceeds will fund business growth for the cancer-screening company, including potential acquisitions or investments, as well as other general corporate purposes such as repaying existing debt.
In other sector news:
+ Sanofi ( SNY ) still was holding on to a slim advance in afternoon trading, earlier Friday rising over 1%, after analysts at Citigroup raised their investment recommendation for the drugmaker's stock to Buy from Neutral. The upgrade follows Sanofi July 31 reporting Q2 net income of $0.74 per share on $9.74 billion in revenue, topping analyst projections by $0.02 per share and $41.8 million, respectively.
- Gemphire Therapeutics ( GEMP ) Friday plunged to a record low of just 83 cents, at one point losing almost three-quarters of its former value, after the data and safety monitoring board overseeing phase IIa testing of its gemcabene drug candidate in pediatric patients with non-alcoholic fatty liver disease said the trial should be halted after the first three patients in the trial experienced an increase in their liver-fat content.
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