Markets

Health Care Sector Update for 08/24/2016: LCI,OSUR,LTRX

Top Health Care Stocks

JNJ -0.21%

PFE +0.68%

MRK +0.31%

ABT -0.35%

AMGN -0.26%

Health care stocks were slightly lower in afternoon trade, with the NYSE Health Care Index sinking about 0.1% while shares of health care companies in the S&P 500 also were down 0.1% as a group.

In company news, Lannett Co ( LCI ) was surging Wednesday after the generic drugmaker reported fiscal Q4 net income and revenue topping Wall Street expectations and forecast FY17 revenue exceeding analyst estimates.

Excluding one-time items, the company earned $0.73 per share, beating the Capital IQ consensus by $0.13 per share. Revenue rose 70.1% over the same quarter last year to $168.9 million, also topping the $161.56 million consensus.

Looking forward, the company also issued upside FY17 guidance, projecting revenue for the current fiscal year in a range of $690 million to $700 million, exceeding the Street view by at least $34.06 million.

LCI shares were up more than 14% at $37.00 each, earlier climbing to a session high of $39.99 a share.

In other sector news,

(+) OSUR, (+13.1%) Awarded $7 mln contract from U.S. Department of Health and Human Services to advance its rapid Zika tests. The contract also contains options for up to $9.6 mln to evaluate additional product enhancements.

(-) LTRX, (-9.5%) Q4 non-GAAP EPS of $0.01 tops analyst estimates expecting a $0.02 per share net loss. Sales of $10.5 mln also beats Street view by $1.2 mln.

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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