Health Care Sector Update for 09/25/2015: CXRX,BLPH,PETX
Top Health Care Stocks
Health care stocks have turned sharply lower this afternoon as shares of biotech companies nearing a bear market. In recent trade, the NYSE Health Care Sector Index had given back a small gain earlier and was down 2.1% shortly before the closing bell while shares of health care companies in the S&P 500 were slipping almost 2.7% as a group.
In company news, Concordia Healthcare ( CXRX ) plunged to an all-time low on Friday after the legacy and "orphan" drugmaker priced a $520 million offering of 8 mililon shares of its common stock at $65 apiece, a 2.2% discount to the stock's closing price last night.
Net proceeds will be used to help fund the company's $3.5 billion purchase of Amdipharm Mercury Ltd, along with any associated fees and expenses.
CXRX shares were down nearly 15% at $56.76, earlier falling to a post-IPO low of $53.00 a share. The stock already had slipped nearly 5% since the company priced its initial public offering of stock on August 26.
In other sector news,
(+) BLPH, Reports positive interim data from long-term, Phase II extension study of its INOpulse drug candidate to treat pulmonary arterial hypertension. FDA also signs off on Phase III trial.
(-) PETX, Said it does not believe its AT-004 or AT-005 drug candidates will capture the desired lymphoma market opportunity in their current, first-generation forms.
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